Zagros Arabia – Erbil
Oil prices fell today, Saturday (September 30, 2023), upon settlement due to macroeconomic and profit-taking concerns, but rose about 30 percent during the third quarter, as the OPEC+ alliance’s voluntary production cuts put pressure on global crude oil supplies.
Brent crude futures for November, which expire on Friday, fell seven cents to $95.31 a barrel at settlement, and rose about 2.2 percent during the week and 27 percent during the third quarter. Brent crude futures for December fell 90 cents to $92.20 a barrel.
US West Texas Intermediate crude fell 92 cents to $90.97 a barrel, up one percent during the week and 29 percent during the third quarter.
With oil futures approaching $100 per barrel, many investors took profits during the rally due to ongoing macroeconomic concerns.
Data from the Energy Information Administration showed that in July, US crude oil production grew to its highest levels since November 2019.
The average price of Brent is expected to reach $89.85 per barrel in the last quarter of the year, and $86.45 per barrel in 2024, according to a Reuters poll of 42 economists and published on Friday.
2023-09-30 06:34:18
#Oil #prices #falling
