Brent crude oil prices fell below $90 a barrel after a two-week rally, driven by concerns about weaker future demand. Factors contributing to the decline included mixed Chinese data, potentially lower winter demand, increased oil output from Iran and Venezuela, and solid US data. The spike earlier in the week was due to supply cuts by Saudi Arabia and Russia, as well as ongoing cuts agreed upon by OPEC+ producers. The strengthening US dollar and weakening economic numbers from the eurozone put pressure on prices. While Chinese crude imports surged, concerns about rising oil output and product exports kept the market in check.
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00:00 It's Benzinga and here's what's on the block.
00:02 Brent crude oil prices fell below $90 a barrel after a two-week rally driven by concerns
00:07 about weaker future demand.
00:09 Factors contributing to the decline, including mixed Chinese data, potentially lower winter
00:13 demand, increased oil output from Iran and Venezuela, and solid U.S. data.
00:17 The spike earlier in the week was due to supply cuts by Saudi Arabia and Russia, as well as
00:21 ongoing cuts agreed upon by OPEC plus producers.
00:24 The strengthening U.S. dollar and weakening economic numbers from the eurozone put pressure
00:28 on prices.
00:29 While Chinese crude imports surged, concerns about rising oil output and product exports
00:33 kept the market in check.
00:34 For all things money, visit Benzinga.com.
00:36 [BLANK_AUDIO]