قالب وردپرس درنا توس
Home / Business / Oil is sinking as the economic outlook becomes gloomier

Oil is sinking as the economic outlook becomes gloomier



The price of oil sank on Monday, as concerns about the global economy broke its biggest monthly decline since mid-2016.

Brent crude oil futures declined 10 cents at $ 77.52 a barrel at 8:35 ET (1235 GMT), which has fallen more than 6 percent this month.

US Crude oil futures fell 11 cents to $ 67.48, down nearly 8 percent in October.

Even if US sanctions for Iranian exports should come into effect in less than a week, oil will have its highest percentage decline since July 2016

Industrial raw materials such as crude oil and copper were due concerns over corporate profits, fears of economic growth in the face of escalating trade tensions and a stronger dollar shook by heavy losses in global equities.

"It is often said that when equity markets sneeze, commodities are caught cold, and this adage was fully seen last week when a global stock price course pulled down the energy complex," said PVM Oil Associates Councilor Stephen Brennock.

Faced with rising selling pressure, worries over growing oversupply have added another tailwind: Saudi Arabia and Russia are eager to supply the oil markets well, while the demand outlook is waning … The Ir The Anian factor is on the rise Game, and on the oil market continues to be squirted bullish blood. "

Fund managers reduced their bullish positions in crude futures and options to their lowest level since July 201

7 for four consecutive weeks as demand expectations become more uncertain.


Source link