Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil in bear market as supply rises, demand weakens

1037273
1037273
minus
plus

SINGAPORE: Oil stabilized on Friday after spending most of the week sliding, but markets remained weak as rising supply and concerns of an economic slowdown pressured prices, with US crude down by around 20 per cent since early October.


US West Texas Intermediate (WTI) crude oil futures were at $65.61 per barrel at 0741 GMT, 6 cents below their last settlement. WTI is set for a fifth weekly fall, down 4 per cent so far this week.


Front-month Brent crude oil futures LCOc1 were at $70.74 a barrel, 9 cents above their last close. Still, Brent is poised for an almost 3 per cent drop for the week, its fifth straight week of decline. Both Brent and WTI have fallen by around 20 per cent from the four-year highs they reached in early October. “Oil prices... are now officially in a bear market, having declined 20 per cent from their (October) peak,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities. — Reuters


SHARE ARTICLE
arrow up
home icon