Oil prices dip after upbeat week
Oct 11, 2022
New York [US], October 11: Oil prices fell on Monday, snapping a five-day winning streak.
The West Texas Intermediate (WTI) for November delivery decreased 1.51 U.S. dollars, or 1.6 percent, to settle at 91.13 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 1.73 dollars, or 1.8 percent, to close at 96.19 dollars a barrel on the London ICE Futures Exchange.
Concerns about demand amid growing recession risks and the sharp appreciation of the U.S. dollar continued to weigh on market.
Last week, oil prices reaped significant gains, bolstered by a big output cut by major producers. The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed to reduce production by 2 million barrels a day starting November.
For the week ending Friday, the WTI spiked 16.5 percent, while Brent soared 15 percent, based on the front-month contracts.
Source: Xinhua
