Oil prices continue to decline amid concerns about demand

Oil prices continued declining in Thursday’s trading, with the rise of the dollar and increasing concerns about demand, in addition to the reduction of the joint technical committee of OPEC + its forecast for the excess oil supply during this year.

In China, closures will be imposed in the city of Chengdu in Sichuan from Thursday evening due to the rise in cases of the “Covid-19” virus, in the largest step of its kind since Shanghai exited the restrictions that lasted about two months.

Brent crude futures for November delivery fell 0.65% to $95.02 a barrel, at 08:09 am Cairo time.

US crude futures for October delivery also fell 0.69%, or 62 cents, at $88.93 a barrel, after recording their third consecutive monthly loss in August.