Oil prices fall due to demand worries

Oil prices fall due to demand worries

Oil prices fall due to demand worries

TOKYO (Reuters) – Oil prices are lower on Tuesday amid fears of a slow recovery in global fuel demand, while markets await the OPEC + meeting later this week.

Futures for Brent crude oil fell 0.18% to $ 39.54 per barrel by 09:41 Moscow time, for WTI – dropped 0.08% to $ 37.23 per barrel.

“Sentiment in oil markets remains gloomy due to oil producers' disappointing outlook for demand, as well as renewed increases in COVID-19 infections in many countries, which has raised concerns about slower growth in global fuel demand.” said Chioki Chen, chief analyst at Sunward Trading.

Major producers and traders see weak prospects for global fuel demand due to the ongoing impact of the pandemic on the global economy.

OPEC has again lowered its forecast for global oil demand in 2020 and is now expecting a reduction of 9.46 million barrels per day from last year's level to 90.23 million barrels per day, according to a September OPEC report.

(Yuka Obayasi; Translated by Olga Beskrovnova; Editor Marina Bobrova)

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