WorldDownward trend in crude oil prices following OPEC + decisions

Downward trend in crude oil prices following OPEC + decisions


AA / Istanbul

Crude oil prices fluctuated at the start of the session on Thursday, showing a certain downward trend, after results which turned out to be well below market forecasts, at the end of the meeting held the day before by the alliance OPEC +.

A statement released by the Organization of Petroleum Producing Countries “OPEC” said the alliance has decided to continue easing production cuts of 400,000 barrels per day, until the next meeting scheduled for October 4.

Markets have anticipated oil production will rise at a rate higher than what was approved amid pressure imposed by US President Joe Biden two weeks ago when the latter demanded a larger increase of oil production from the alliance.

As of 7:15 a.m. GMT, global benchmark Brent crude futures prices, for delivery in November, fell 0.09%, or 6 cents, to $ 71.51 a barrel.

US West Texas Intermediate (WTI) crude futures, for delivery in October, also fell 0.12%, or 8 cents, to $ 68.50 a barrel.

Chinese economic data, published on Wednesday, also weighed on oil prices, following the media group Caixin’s announcement of economic data announcing a decline in the manufacturing purchasing director index (PMI) last August. . This negative indicator denotes a drop in domestic and foreign demand for Chinese industrial products.

* Translated from Arabic by Mounir Bennour

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