The Price of Brent Oil Fell to a Two-month Low
OREANDA-NEWS. According to trading data from the Intercontinental Exchange in London, the price of Brent crude oil fell to 42.57 US dollars per barrel for the first time since July 2020. As of 14:57, November futures for Brent were trading at 42.1 dollars per barrel. WTI November futures fell to 39.06 dollars per barrel. At 14:57, Texas oil was trading at 39.59 dollars.
Reuters agency, citing experts, reports that the fall is taking place against the backdrop of lower prices established by the company Saudi Aramco for Asian customers, as well as pessimism regarding the recovery in global demand for fuel.
As it became known earlier, Saudi Arabia in October will reduce the oil price for China by 1.4 dollars per barrel. This would mean a 50-cent discount to the regional benchmark. At the same time, the market expected a decrease in the cost by 1 dollar and a discount of 10 cents, Bloomberg agency wrote.