Oil prices fell on Friday, after two days of gains, and are on track to post a weekly loss on pressure from the strong dollar and fears of a global economic slowdown.<\/p>\n\n\n\n
Brent crude futures were down 97 cents, or 1 percent, at $95.62 a barrel by 0826 GMT. US West Texas Intermediate crude also recorded $89.59 a barrel, down 91 cents, or one percent.<\/p>\n\n\n\n
Both benchmark contracts are heading to record weekly losses of nearly three percent.<\/p>\n\n\n\n
The dollar’s strength increased the cost of oil to holders of other currencies, while Asian and European stocks declined.<\/p>\n\n\n\n
In a sign that the oil supply bottleneck is easing, the gap between the spot price of Brent and the second nearest expiry month for futures contracts is nearly $5 less than at the end of July.<\/p>\n\n\n\n
Limiting the decline in prices, US crude stocks fell sharply, with a record amount of five million barrels of oil per day being exported in the last week. Oil companies received requests from European countries seeking to compensate for Russian crude.<\/p>\n\n\n\n
Haitham al-Ghais, the new Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), told Reuters that he is optimistic about oil demand next year.<\/p>\n\n\n\n
He added before a meeting to be held on the fifth of September that OPEC is keen to ensure that Russia remains within the OPEC + alliance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Friday, after two days of gains, and are on track to post a weekly loss on pressure from the strong dollar and fears of a global economic slowdown. Brent crude futures were down 97 cents, or 1 percent, at $95.62 a barrel by 0826 GMT. US West Texas Intermediate crude also …<\/p>\n","protected":false},"author":9,"featured_media":58819,"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":[38,36],"tags":[6856,7430,6936,6876,9586,7433],"class_list":["post-70498","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-economic-data","tag-fuel","tag-oil-prices","tag-opec","tag-recession-concerns","tag-supply"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70498","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=70498"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70498\/revisions"}],"predecessor-version":[{"id":70499,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70498\/revisions\/70499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/58819"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=70498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=70498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=70498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}