Oil prices down 20 percent in a month as fundamentals weaken
Updated : November 09, 2018 08:13:33 IST
US West Texas Intermediate (WTI) crude oil futures were at $61.63 per barrel at 0125 GMT, down 4 cents from their last settlement. Front-month Brent crude oil futures were at $70.79 a barrel, 14 cents above their last close.
Analysts said the main downward price pressure came from rising supply, despite the US sanctions against Iran that were imposed this week, as well as concerns over an economic slowdown.
The decline in prices over the past weeks follows a rally between August and October when crude was pushed up ahead of the re-introduction of sanctions against Iran’s oil exports on November 5.