Oil prices dip as demand concerns persist
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E-mail Xinhua, September 15, 2020
NEW YORK, Sept. 14 (Xinhua) -- Oil prices declined on Monday as investors grappled with continued concerns over weak demand outlook.
The West Texas Intermediate (WTI) for October delivery lost 7 cents to settle at 37.26 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery slid 22 cents to 39.61 dollars a barrel on the London ICE Futures Exchange.
The moves came after the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global crude demand.
In its closely-watched monthly report on Monday, the OPEC said "in 2020, the global oil demand contraction is revised down further by 0.4 mb/d (million barrels per day), now contracting by 9.5 mb/d, to average 90.2 mb/d."
For the week ending Friday, WTI crude futures dipped 6.1 percent and Brent logged a weekly loss of 6.6 percent. Enditem
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