Oil prices fall slightly after downbeat week

NEW YORK – Oil prices posted modest losses yesterday, reported Xinhua.

West Texas Intermediate (WTI) for November delivery decreased 15 cents, or 0.2%, to settle at US$85.46 a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 1 cent to close at US$91.62 a barrel on the London ICE Futures Exchange.

Prospects of weaker energy demand amid a slowing global economy continued to weigh on markets.

Meanwhile, prices garnered some support from a major output cut decision announced earlier this month by the Organisation of the Petroleum Exporting Countries and its allies, collectively known as Opec+.

For the week ending Friday, the WTI dropped 7.6%, while Brent slid 6.4%, based on the front-month contracts. – Bernama, October 18, 2022