Oil falls in price amid growth of output in China

Global oil prices on November 15 morning continue to decline, amid the growth of energy production in China, according to trading data, Report informs citing Prime.

As of 8:50 a.m. (GMT+4), January futures for Brent crude fell 0.82% to $81.5 per barrel, January futures for WTI fell 0.79% to $79.06 per barrel.

According to data released earlier this morning by the Chinese State Bureau of Statistics, oil production in the country increased in January-October by 2.5% compared to the same period last year and by 4.2% compared to 2019, amounting to 166.19 million tons. In addition, since the beginning of the year, the production of natural gas increased by 9.4% and coal production by 4% in annual terms.

Also, earlier, OPEC in its report predicted a short-term decline in global demand for oil, after which oil prices closed in the red last week.

At the same time, analysts at Oanda, quoted by the Wall Street Journal, believe that oil prices continue to receive some support as the supply of crude remains limited.