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Oil prices fell on Wednesday, due to fears that the continued decline in fuel demand in light of the high cases of Coronavirus in Europe and the United States, the largest consumer of crude in the world, may impede economic growth.
The monthly report of the Organization of Petroleum Exporting Countries (OPEC) said yesterday that oil demand in 2021 will increase by 6.54 million barrels per day to 96.84 million barrels per day, 800,000 barrels less than expectations a month ago, as a result of the economic disruptions caused by the Corona pandemic.
Brent crude futures for December delivery fell 17 cents, equivalent to 0.4%, to $ 42.28 by 0649 GMT, while US West Texas Intermediate crude lost 18 cents, equivalent to 0.5%, to $ 40.02.
The Kremlin said on Tuesday that Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed the current situation in energy markets during a phone call.
UAE Energy Minister Suhail Al Mazrouei said on Tuesday that OPEC+ oil producers will adhere to their plans to reduce oil production cuts from January.
On the supply side, production continued to recover from the Gulf of Mexico in the United States four days after Hurricane Delta hit, and the proportion of interrupted production fell to 44% yesterday from 69% on Monday.
