Oil prices fell, as they were negatively affected by fears that a significant increase in the number of cases of Covid-19 in Europe and the United States was curbing demand in two of the largest fuel-consuming regions in the world, while the strength of the US dollar added more pressure on prices.<\/p>\n\n\n\n
Brent crude futures for December delivery fell 38 cents, or 0.9%, to $ 42.78 a barrel with the opening of European markets, while US West Texas Intermediate crude futures for November delivery fell 35 cents, or 0.9%, to $ 40.61 a barrel.<\/p>\n\n\n\n
The two benchmarks fell slightly the day before but were almost unchanged compared to last week.<\/p>\n\n\n\n
In Europe, some countries have re-imposed curfews and general isolation measures to cope with a significant increase in new infections with the Coronavirus, while Britain imposed tighter restrictions to curb the spread of Covid-19 in London today.<\/p>\n\n\n\n
Oil also declined as the dollar headed for its best weekly performance this month today, as a rise in virus infections and stalled progress towards US stimulus caused anxious investors to seek to buy safe assets.<\/p>\n\n\n\n
Dollar-denominated oil tends to decline when the dollar rallies as fuel purchases by buyers paying in other currencies become more expensive.<\/p>\n\n\n\n
A technical committee of the Organization of the Petroleum Exporting Countries (OPEC) and allies of oil producers, the group known as OPEC +, ended their meeting on Thursday and expressed concern about rising oil supplies as social restrictions to curb Covid-19 limit fuel consumption.<\/p>\n\n\n\n
OPEC is set to slash existing supply cuts of 7.7 million bpd by 2 million bpd in January, even as OPEC Secretary-General Mohamed Barkindo admitted that demand for fuel appears weak.<\/p>\n\n\n\n
Sources at OPEC + told Reuters that negative demand forecasts and higher supplies from Libya may mean that OPEC may extend existing cuts in the next year.<\/p>\n\n\n\n
A meeting of OPEC + is scheduled to take place on November 30 and December 1 to set policies.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell, as they were negatively affected by fears that a significant increase in the number of cases of Covid-19 in Europe and the United States was curbing demand in two of the largest fuel-consuming regions in the world, while the strength of the US dollar added more pressure on prices. Brent crude futures …<\/p>\n","protected":false},"author":9,"featured_media":34232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,36],"tags":[6846],"class_list":["post-35596","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/35596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=35596"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/35596\/revisions"}],"predecessor-version":[{"id":35597,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/35596\/revisions\/35597"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/34232"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=35596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=35596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=35596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}