Global oil prices continue to decline

Global oil prices continue to decline on November 18 morning due to the possibility of a temporary surplus of crude on the market, Report informs referring to trading data and analysts’ comments.

As of 8:00 a.m. (GMT+4), January futures for Brent crude oil dropped by 0.39% to $79.97, January futures for WTI crude fell by 0.66% to $77.03 per barrel.

The decline in oil prices began on November 17, and at the same time Brent was already falling in price below $80 per barrel, for the first time since October 7. Investors continue to assess US President Joe Biden’s request to Chinese leader Xi Jinping to free up oil reserves.