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News > World

Oil Prices Fall Modestly After Upbeat Week

  • Picture taken on Oct. 8, 2012 shows Nord Stream pipeline equipments before the opening ceremony of the North Stream second gas link in Portovaya bay, some 60 km from the town of Vyborg in northwestern Russia.

    Picture taken on Oct. 8, 2012 shows Nord Stream pipeline equipments before the opening ceremony of the North Stream second gas link in Portovaya bay, some 60 km from the town of Vyborg in northwestern Russia. | Photo: Xinhua

Published 24 October 2022
Opinion

Oil prices declined on Monday, giving up some of the gains scored in the prior week.

The West Texas Intermediate (WTI) for December delivery decreased 47 cents, or nearly 0.6 percent, to settle at 84.58 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 24 cents, or 0.3 percent, to close at 93.26 dollars a barrel on the London ICE Futures Exchange.

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The above market moves came as economic fears outweighed tight supply concerns.
   
"Mounting risks to global growth mean that demand expectations are likely to ease," UBS analysts said in a note.
   
For the week ending Friday, the WTI rose 0.5 percent, while Brent advanced 2 percent, based on the front-month contracts.

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Oil Prices Energy

Xinhua
by teleSUR/MS
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