Oil posted its weakest quarter since late last year as\nconcerns over the global economic slowdown increased, especially after an\nunprecedented attack on Saudi Arabia’s key energy facilities.<\/p>\n\n\n\n
Brent futures have fallen 8.7% since the end of June after a\nbrief rise earlier this month due to drone strikes on Saudi oil fields. Despite\nsome uncertainties in the market, Saudi Aramco has already returned to\nproducing more than 9,900,000 barrels per day (bpd) of crude oil. This\nfaster-than-expected timetable coupled with the sale confirmed investors’ focus\non weakening oil demand from slowing economic growth and the interstate trade\nwar between the US and China.<\/p>\n\n\n\n
” Oil supply remains quite adequate and the U.S. has a\nlot of oil\u201d, said oil strategist RJ O’Brien.<\/p>\n\n\n\n
Political tensions have eased somewhat since the September\n14 attack on Saudi Arabia, where the parties appear to be taking a cautious\napproach. Saudi Crown Prince Mohammed bin Salman warned that the war between\nhis country and Iran would lead to a “total collapse of the global economy”\nand that it should be avoided. He said he preferred non-military pressure to\nthwart Iranian ambitions. The United States and Saudi Arabia have accused Iran\nof committing the attacks, although the latter still denies it.<\/p>\n\n\n\n
Meanwhile, Saudi Arabia has agreed to a limited ceasefire in\nseveral areas in Yemen, including the capital Sanaa, which is controlled by\nIranian-backed Houthi rebels, a Yemeni government official said last week,\nfurther easing tensions in the region.<\/p>\n\n\n\n
Brent crude for November settlement fell about $1.13 to\n$60.78 a barrel on the London-based Europe Futures Exchange. December’s\ncontract was the most down by about $1.79 to $59.25. World crude oil traded at\n$6.71 for the West Texas Intermediate.<\/p>\n\n\n\n
WTI for November delivery lost $ 1.84 to settle at $54.07 a\nbarrel on the New York Mercantile Exchange. Prices have fallen 1.9% this month.<\/p>\n\n\n\n
The oil market was also driven by the long clash between\nWashington and Beijing over trade and the side effects on economic growth. The\nworld’s two largest economies will head to another round of high-level trade\ntalks after the week-long national holidays in China from Oct. 1.<\/p>\n\n\n\n
Investors are also looking to the weekly inventory data\ntomorrow, which may help boost prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil posted its weakest quarter since late last year as concerns over the global economic slowdown increased, especially after an unprecedented attack on Saudi Arabia’s key energy facilities. Brent futures have fallen 8.7% since the […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[93,71,42,52,77,36,34,94,114,120,29,48,24,78,54,131,41,44,21,72,57,47,102,76,80,119,113,135,23,45,46,104,109,106,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1374"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1374"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1374\/revisions"}],"predecessor-version":[{"id":1376,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1374\/revisions\/1376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1375"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}