(MENAFN) On Monday, November 28, amid worries about declining demand, oil costs fell to their lowest point since the year's beginning.
As of 07:30 GMT, Brent crude was down USD2.35, or 2.8 percent, to USD81.36 a barrel. The international benchmark fell to its lowest level since January 11 at USD81.16 earlier in the day. West Texas Intermediate (WTI), the United States benchmark for crude, fell by USD2.23, or 2.9 percent, to USD74.05 per barrel, its lowest level since January 6. It briefly fell to USD73.82 intraday, its lowest level since last December.
Both benchmarks have experienced three straight weeks of loss; last week, WTI declined by 4.7 percent while Brent decreased by 4.6 percent.
Reuters was informed by Tetsu Emori, CEO of Emori Fund Management, “Bearish sentiment is growing in the oil market with mounting concerns over demand in China and a lack of clear signs from oil producers to further cut output.”
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