The two crude oils fell below the 100-day average price of $86.61 per barrel for West Texas Intermediate crude and $82.31 per barrel for Brent crude.
Prices rose by about two percent on Friday, after Iraq expressed its support for the production cuts implemented by the OPEC+ group, but they fell by nearly four percent during the week, recording losses for the third week in a row for the first time since May.
Last week, the US Energy Information Administration expected that crude production in the United States would increase this year, slightly less than expected, while demand would decline.
Saudi Arabia and Russia, two major oil exporters, confirmed last week that they would continue voluntary oil production cuts until the end of the year. Demand and economic growth concerns continue to cast a shadow over crude markets.
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent producers, including Russia, will meet on November 26.
2023-11-13 12:54:46
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