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Oil prices fall as economic woes trump supply concerns


26 Sept 2023 06:52

26 Sept 2023 06:52

(Montel) Oil prices slipped on Tuesday as economic concerns trumped fears over tightening crude supplies fuelled by ongoing Saudi Arabian and Russian output cuts.

The front-month contract for Brent crude North Sea oil was last seen down USD 0.92 at USD 92.37/bbl on Ice Futures, while the US WTI equivalent traded USD 0.92 lower at USD 88.76/bbl, with both benchmarks off 10-month highs hit last week. 

The highest US interest rates since 2001 and Chinese housing market-related woes were “good reasons to be cautious” about recent optimistic crude oil demand forecasts,…

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