Oil prices Decline below $90 amid concerns about demand

Oil prices fell below $90 per barrel, today, Friday, in volatile trading, halting a rise that lasted nearly two weeks, due to multiple signals warning of weak demand in the coming months.

Brent crude futures fell 68 cents, or 0.8 %, to $89.92 per barrel upon settlement, after trading between $89.46 and $90.89.

US West Texas Intermediate crude futures also fell 67 cents, or 0.8 %, to $86.67, after trading earlier between $86.39 and $87.74.

Today’s decline came after nine consecutive sessions of gains for West Texas Intermediate crude and seven consecutive sessions for Brent. Oil prices rose earlier in the week after Saudi Arabia and Russia, the world’s largest oil exporters, extended voluntary cuts in supplies until the end of the year, and this came in addition to rductions agreed upon by several countries in the OPEC+ group in April and will continue until the end of 2024./End

Source: National Iraqi News Agency