(MENAFN) Oil prices decreased on Monday following a 2 percent rise in the previous session, as market participants were preoccupied with short-term demand concerns. This is due to the upcoming US inflation data and refinery maintenance in Asia and the United States.
Brent crude futures declined 92 cents, or 1.06 percent, to USD85.47 per barrel as of 08.20 a.m. Saudi time, after rising 2.2 percent on Friday. Meanwhile, US West Texas Intermediate crude was at USD78.81 per barrel, down 91 cents, or 1.14 percent, after a 2.1 percent increase in the previous session.
"OPEC remains committed to supporting oil market stability," said Haitham Al Ghais, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), in a speech at the Egypt Petroleum Show. He stated that the group anticipates oil demand to surpass pre-pandemic levels this year, reaching nearly 102 million barrels a day, and to further rise to 110 million barrels per day by 2025.
A spokeswoman for BP confirmed that the loading of Azerbaijani oil at Turkey's Ceyhan terminal resumed on Sunday. The terminal, located on Turkey's Mediterranean coast, had been damaged by the recent earthquakes that struck Turkey and Syria on Monday. It serves as the storage and loading point for the BTC pipeline, which carries oil from Azerbaijan, as well as the Kirkuk pipeline from Iraq.
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