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Oil headed for third weekly decline on global demand concerns; Brent ticks higher to $81/bbl
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₹6,450 per bbl, having swung between ₹6,330 and ₹6,472 per bbl during the session so far, against a previous close of ₹6,372 per barrel. Weak Chinese economic data this week increased worries of faltering demand.
Additionally, refiners in China, the largest buyer of crude oil from the world's largest exporter Saudi Arabia, asked for less supply from Saudi Arabia for December. The Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC as the group is known, meet on November 26 to set production policy, and focus will be on whether Saudi Arabia extends a 1 million barrel-per-day voluntary cut set to expire at the end of this year.
Read more on livemint.comAbout this in other media
Goldman Sachs sees Brent average at $92/bbl in 2024 on solid demand, low OPEC supply economictimes.indiatimes.com /5 months ago
Oil headed for 4th weekly loss after sinking 5% on demand concerns; Brent at $78/bbl on week-long selloff livemint.com /5 months ago
Oil rebounds after sharp week-long selloff on supply, demand concerns investing.com /5 months ago
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