Oil Prices Drop As Demand Worries Prevail

New York, Oct 1 (UrduPoint / Pakistan Point News - 1st Oct, 2022 ) :Oil prices fell on Friday as traders worried about a deteriorating demand outlook.

The West Texas Intermediate (WTI) for November delivery decreased 1.74 U.S. dollars, or 2.1 percent, to settle at 79.49 Dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 53 cents, or 0.6 percent, to settle at 87.96 dollars a barrel on the London ICE Futures Exchange.

The pullback came as oil participants grew fearful that aggressive monetary tightening by central banks could increase the risk of a recession, hurting demand for fuel.

Markets also awaited a key decision by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, as the group is set to meet next Wednesday and discuss future output strategy.

Despite Friday's weakness, oil prices managed to book a weekly gain. The WTI was up nearly 1 percent for the week, while Brent rose 2.1 percent.