Oil prices fall for fourth consecutive week

Economy

Published: 2023-11-20 18:03

Last Updated: 2024-02-26 16:34


Oil prices fall for fourth consecutive week
Oil prices fall for fourth consecutive week

The average prices of Brent and petroleum products declined during the first two weeks of November, with the exception of gasoline, which stayed stable since last October, according to a report by the Ministry of Energy and Mineral Resources.

Last week was the fourth consecutive week in which oil prices declined; affected by the increase in US crude inventories and the continued record high production, as well as decreasing demand from China.

Markets are looking forward to an OPEC meeting in two weeks time to discuss potential cuts in production.

The report issued by the Ministry on Sunday stated that octane 90 gasoline recorded a price of 788.1 dollars per ton in the second week of November, compared to 803.8 dollars in the first week - a decrease of 2 percent.

Octane 95 gasoline fell to 845 dollars per ton, compared to 851.4 dollars in the previous week - a decrease of 0.8 percent.

The price of diesel decreased from 804.1 to 739.4 dollars per ton - a decrease of 8 percent. Kerosene prices went from 853.5 to 800.7 dollars per ton - a decrease of 6.2 percent.

Price of fuel oil decreased from 449.6 to 430.6 dollars per ton - a decrease of 4.2 percent, while the price of Liquefied Petroleum Gas (LPG) rose this November to 617.5 from 611.3 dollars per ton, its average price last October - an increase of 1 percent.

The average price of Brent crude oil fell in the second week of November to 83.6 per barrel from 87.6 dollars, its average price in the first week - a decrease of 4.5 percent.