Oil headed for third weekly decline on global demand concerns; Brent ticks higher to $81/bbl
Oil prices rose on Friday but are set to fall for a third week amid signs of slowing demand and as market attention turns to a key meeting of OPEC and its allies this month that will decide the group’s next move on production.
Brent crude futures for January were up 99 cents, or 1.2 percent, at $81 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for December were at $76.67, up 93 cents, also 1.2 percent. Both contracts are set to fall about 5 percent on the week, according to Reuters news agency.
Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for expiry on November 17, were last trading 1.22 per cent higher at ₹6,450 per bbl, after swinging between ₹6,330 and ₹6,472 per bbl during the session so far, compared to previous close ₹6,372 per barrel.
China’s weak economic data this week heightened concerns about weak demand. In addition, refiners in China, the largest buyer of crude oil from the world’s largest exporter Saudi Arabia, requested less supply from Saudi Arabia for December.
The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC as the group is known, meets on November 26 to set production policy, and the focus will be on whether Saudi Arabia extends a series of voluntary cuts of 1 million barrels per day day. due to expire at the end of this year.
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Updated: 10 November 2023, 10:30 PM IST
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