On Friday, September 12, oil prices fell. Specifically, Brent crude futures fell by 49 cents, or 0.74%, to $65.88 per barrel, and West Texas Intermediate crude fell by 51 cents, or 0.82%, to $61.86, UNN reports, citing Reuters.
Details
Oil prices fell on Friday, adding to significant declines in the previous session, as fears of a potential demand slowdown in the US and an overall supply surplus outweighed concerns about supply disruptions due to the Middle East conflict and the Russian-Ukrainian war.
A daily report from SDIC Futures states that the oil market continues to fluctuate between oversupply pressure and fears of short-term disruptions, but geopolitical concerns are increasingly less supportive of prices.
Recall
The New Zealand government lowered the price cap on Russian oil to $47.6 per barrel.