Oil prices are at the lowest level in 5 months due to the pressure of “Corona” restrictions

In addition to Iraqi data, which showed an increase in its crude oil exports.
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02.11.2020

Shwiesh.com

Crude oil prices fell at the beginning of weekly trading, Monday, to their lowest level in 5 months, under pressure from international restrictions and closures to prevent a greater outbreak of the Corona virus, in addition to Iraqi data that showed an increase in its crude oil exports.

Countries such as France, Germany, Italy and Spain have implemented restrictions on many economic facilities, in an attempt to break the chain of the outbreak of the epidemic, threatening with a high possibility of a decline in oil demand.

While the Iraqi Ministry of Oil announced, on Sunday, the export of 2.876 million barrels per day last October, an increase of 263 thousand barrels per day compared to September, which recorded the export of 2.613 million barrels per day.

At 07:27 GMT, Brent crude futures for January delivery fell by 3.71 percent, or 1.4 dollars, to 36.54 dollars a barrel, the lowest level since the beginning of last June.

Also, US West Texas Intermediate crude futures, for December delivery, fell 4.37 percent, or $ 1.56, to $ 34.25 a barrel.

Shwiesh.com

Also, US West Texas Intermediate crude futures, for December delivery, fell 4.37 percent, or $ 1.56, to $ 34.25 a barrel.

Global crude supply is facing pressure due to efforts to increase Libyan production by about one million barrels per day in the coming weeks, after the lifting of force majeure from oil fields and ports, last month, in addition to increasing Baghdad’s oil exports.

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