… Oil prices record a weekly loss of 6.3% for Brent...

… Oil prices record a weekly loss of 6.3% for Brent...
… Oil prices record a weekly loss of 6.3% for Brent...
Crude oil prices recorded their second weekly losses in a row by the end of the trading sessions in the futures markets, last Friday, as the activities of Brent crude contracts for December delivery decreased by 6.3% compared to the end of the previous week, and contracts for US West Texas Intermediate crude for November 2020 delivery decreased by 7.9 %.

Oil prices recorded $ 39.27 per barrel, for Brent crude at settlement on Friday, down by $ 1.66, or 4.1%, and US West Texas Intermediate crude was $ 37.05, down by $ 1.67, or 4.3%.

Oil prices were negatively affected after US President Donald and his wife, Melania, announced that they were infected with the new Corona virus, as well as weak US economic data, as well as concerns related to weak demand for fuel in light of the high number of new cases of the Coronavirus around the world, thus renewing a number of countries for some measures Partial close.

Dollar-denominated government bonds to Russia, along with a group of major oil producers, fell on Friday, as the decline in crude prices by about 5% and the news of US President Donald Trump’s infection with the Corona virus, triggered a selling wave, and TradeWeb data showed that Russia’s bonds maturing in June 2047 and September 2043 decreased. It ranges between 0.5 and 0.7 cents in the dollar, according to Reuters.

Interfax news agency reported, citing data from the Energy Ministry yesterday, that Russia’s production of oil and gas condensate increased to 9.93 million barrels per day in September, indicating that Russia slightly exceeded its quota under a global supply deal.

The global agreement of the OPEC + producers group excludes condensate, a type of light oil, of which Russia pumps between 700 and 800 thousand barrels per day on average. Russia’s share is currently 9 million barrels per day of oil.

The increase comes on the heels of OPEC + group’s decision to ease production curbs to 7.7 million bpd from 9.7 million bpd from August to September, and from January, production cuts are expected to decline by an additional 2 million bpd.

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