The news is by your side.

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.


Milestone Alert!Livemint tops the charts as the fastest growing news website in the world 🌏 Click here for more information.

Receive all the Merchandise News and Updates on Live Mint. Download the Mint News App to get Daily Market Updates & Live Business News.


Updated: 10 November 2023, 10:30 PM IST

Denial of responsibility! is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at The content will be deleted within 24 hours.

Read original article here

Leave A Reply

Your email address will not be published.