Oil Prices Drop As Demand Worries Prevail| MENAFN.COM

Wednesday, 07 December 2022 08:26 GMT

Oil Prices Drop As Demand Worries Prevail


(MENAFN- Trend News Agency)

Oil prices fell on Friday as traders worried about a deteriorating demand outlook, reports citing .

The West Texas Intermediate (WTI) for November delivery decreased 1.74 U.S. dollars, or 2.1 percent, to settle at 79.49 dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 53 cents, or 0.6 percent, to settle at 87.96 dollars a barrel on the London ICE Futures Exchange.

The pullback came as oil participants grew fearful that aggressive monetary tightening by central banks could increase the risk of a recession, hurting demand for fuel.

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