Friday, August 19, 2022

Oil lessened 26 cents on economic concerns


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at

Oil fell from a peak of 2019 to around $ 67 a barrel on Tuesday as fears over the progress of US-China trade talks and the global economic slowdown have dampened the fall in supplies.

Organization of the Petroleum Exporting Countries (OPEC) measures have helped crude prices rise more than 20 percent since the start of the year.

Demand concerns remain the main driver of lower prices.

Brent crude dropped by 64 cents to $ 65.86 a barrel, after peaking at a high of $ 66.83 a barrel on Monday.

US crude fell 26 cents to $ 55.33 a barrel.

More talks are under way between the United States and China to resolve their trade dispute.

OPEC cut its forecast for world oil demand growth in 2019 to 1.24 million barrel per day (bpd) and some analysts believe the outlook could fall further.

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