Oil prices on the world market fell after two weeks of growth
Economy
Oil prices on the global market fell on Monday morning after rising nearly 10 percent over the past two weeks.
November North Sea Brent crude futures fell 0.19% to $90.48 a barrel.
The price of October WTI crude oil futures fell 0.53 percent to $87.05 a barrel.
Prices are stabilizing amid speculation surrounding OPEC+ efforts to cut oil supplies, which are supporting oil prices. However, concerns about the recovery prospects of China, a major oil consumer and importer, continue to weigh on the price of the resource.
"The indicators suggest that the market has bought too much oil. All things considered, we think consolidation should be expected," Han Zhong Liang, investment strategist at Standard Chartered Plc in Singapore, told Bloomberg.
The price of October WTI crude oil futures fell 0.53 percent to $87.05 a barrel.
Prices are stabilizing amid speculation surrounding OPEC+ efforts to cut oil supplies, which are supporting oil prices. However, concerns about the recovery prospects of China, a major oil consumer and importer, continue to weigh on the price of the resource.
"The indicators suggest that the market has bought too much oil. All things considered, we think consolidation should be expected," Han Zhong Liang, investment strategist at Standard Chartered Plc in Singapore, told Bloomberg.
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