Brent fell 0.19% to $87.45

Brent fell 0.19% to .45

This content was published on November 21, 2022 – 20:06

LONDON, 21st November (EFE).- The price of a barrel of Brent oil for January delivery stood at $87.45 on Monday on the London futures market, down 0.19% from the end of the previous session.

North Sea Crude Oil, a benchmark in Europe, fell $0.17 from last trade on the International Exchange Futures, to close at $87.62.

During the day, just after 15:00 GMT, Brent fell below $83 for the first time since Jan. 11 to trade at $82.79, down 5.51% from the end of the previous session.

This sharp drop comes after the Wall Street Journal reported that Saudi Arabia and other OPEC countries are looking to increase production to ingratiate themselves with the US government and limit Russian gains on crude oil prices.

Accordingly, OPEC will examine a possible increase in production to up to 500,000 barrels per day at its meeting on December 4th.

European oil continues its downtrend in this way, bolstered by forecasts that global demand will fall due to the economic recession. EFE

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