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Oil prices fall slightly after downbeat week

18 Oct 2022 12:18pm
Image for illustrative purposes only - sinar archive
Image for illustrative purposes only - sinar archive
NEW YORK - Oil prices post modest losses on Monday, reported Xinhua.

The West Texas Intermediate (WTI) for November delivery decreased 15 cents, or 0.2 per cent, to settle at US$85.46 a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 1 cent to close at US$91.62 a barrel on the London ICE Futures Exchange.

Prospects of weaker energy demand amid a slowing global economy continued to weigh on markets.

Meanwhile, prices garnered some support from a major output cut decision announced earlier this month by the Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.

For the week ending Friday, the WTI dropped 7.6 per cent, while Brent slid 6.4 per cent, based on the front-month contracts.
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