Oil prices today … Crude is declining and eyes are on...

Oil prices today … Crude is declining and eyes are on...
Oil prices today … Crude is declining and eyes are on...
Oil prices fell today, Monday, after the growth of the Chinese economy in the third quarter of the year was less than expected, highlighting concerns about the impact of the growing Corona virus infections around the world on demand for the largest importer of crude in the world.

The second-largest economy in the world grew 4.9 percent year-on-year in the third quarter, government data showed.

By 0826 GMT, Brent crude for December delivery was down 20 cents, equivalent to 0.5 percent, to $ 42.73 a barrel. US West Texas Intermediate crude for November delivery was $ 40.69 a barrel, down 19 cents. The contract expires tomorrow, Tuesday.

Brent rose 0.2 percent last week, while West Texas rose 0.7 percent, after inventories of crude oil and its products fell in the United States, the largest consumer of oil in the world.

Said Hui Li, economist with China Overseas Banking Corporation. Investors are currently focusing on the meeting of the Joint Ministerial Monitoring Committee of the OPEC + group scheduled for later today.

The committee may decide to postpone plans to ease current supply cuts of 7.7 million bpd by 2 million bpd from January.

But Lee ruled out that prices would rise in the event of a decision to postpone, because the matter is already calculated in the prices traded in the market.

The group’s joint technical committee meeting last week drew a bleak forecast for fuel demand due to fears of a long-term second wave of the Covid-19 pandemic and a jump in Libyan production, which may create a surplus in the market next year.

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