The price of Brent crude oil futures for November delivery on London's ICE exchange fell below $72 per barrel for the first time since June 28, 2023, according to trading data.
Report informs via TASS that, according to exchange data as of 17:44 Moscow time, the price of a barrel of Brent fell by 1.02%, to $71.95.
By 6.00 PM Moscow time, Brent futures accelerated their decline and were trading at $71.58 (-1.76%). At the same time, WTI crude futures for October delivery fell by 1.79% to $67.91 per barrel.
The market is still under pressure from signals of weakening global economic activity, which are increasing traders' concerns over the outlook for oil demand.
"Traders are focusing on signals of a possible decline in demand for oil and oil products, and this is overshadowing positive market signals," SEB analyst Ole Hvalbe noted. "Deep concerns remain, especially regarding China."