Reported 17 days ago
Oil prices continued their downward trend for the second week in a row after Saudi Arabia unexpectedly lowered crude prices for Asia, raising concerns over a weak market outlook. Brent futures hovered around $71 a barrel, while West Texas Intermediate surpassed $67. The reduction in prices follows delays in OPEC+'s production resumption and comes as the political instability following the fall of the Syrian regime impacts the region. Overall, the market is grappling with excess supply and diminishing demand, primarily from China.
Source: YAHOO