• Oil prices fall due to expectations of weak demand and concerns about supplies


    Oil prices fell on Monday amid continued concerns about the global economic outlook and the impact on the demand for oil while Russia has lagged again to meet the target level of oil production last month.

    Brent crude futures were down 10 cents, or 0.2 percent, at $ 59.32 a barrel by 01:08 GMT.

    US crude futures fell 9 cents, or 0.2 percent, to $ 53.69. China's economic growth slowed to 6 percent year-on-year in the third quarter, the weakest growth in 27-1 / 2 years and below expectations due to lower factory output and continuing trade tensions. However, the achievement of refinery production in China increased 9.4 percent year-on-year in September indicates that demand for oil from the world's largest oil importer remains strong.​

    On oil supply, Russia said it had produced more oil in September than stipulated in a global deal because of an increase in gas condensate production as the country prepares for the winter. The OPEC and Russia Organization and other oil producers known as the OPEC alliance + had agreed in December to cut production 1.2 million barrels per day from the beginning of this year​. 

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