Global oil prices decline for second consecutive day

World

Published: 2024-01-22 10:45

Last Updated: 2024-02-25 16:20


Global oil prices decline for second consecutive day
Global oil prices decline for second consecutive day

The decline in oil demand led to a global decrease in prices on Monday, marking the second consecutive day.

The price of Brent crude oil per barrel fell by 41 cents, or approximately 0.5 percent, resulting in its price reaching USD 78.15 per barrel, according to Bloomberg data.

On Friday, Brent crude oil prices dropped by 54 cents, while US West Texas Intermediate crude oil futures for February delivery fell to USD 73.39 per barrel, reflecting a modest loss of 2 cents.

Besides geopolitical conflicts, there are several other factors influencing oil prices. For example, severe cold weather across the United States, the world's largest consumer and producer of fuel, has further disrupted activities.

Additionally, China, the world's largest importer, has shown a slow economic recovery. Its lower-than-expected growth in the fourth quarter of 2023 has notably hindered a significant rise in oil prices this month.

Amid concerns about weakened demand, traders pay less attention to the possibilities of disrupting Russian fuel exports. Russia is the world's third-largest oil producer.

The energy company Novatek announced the suspension of some operations at a key fuel export terminal in the Baltic Sea. This development might contribute to an increase in oil prices, according to a Reuters report.