Oil prices fell at the settlement at the end of trading, on Monday, after the decline in hopes for the growth of demand from China due to the slowdown in the second largest economy in the world.
Brent crude prices fell 34 cents, or 0.4 %, to settle at $84.46 a barrel, and West Texas Intermediate crude fell 53 cents, or 0.65 %, to $80.72 a barrel, at settlement.
The two benchmarks rose by more than a dollar earlier in the session, as Brent crude prices reached $85.55 a barrel, while West Texas Intermediate crude reached $82.05.
China, the world’s largest importer of crude, is withdrawing record levels of inventories it collected earlier this year, as Chinese refineries cut back on purchases after supply cuts applied by the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC + alliance pushed oil prices above $80 per barrel.”
Source: National Iraqi News Agency
