Oil drops amid rising supply worries

Monday, 18. November 2019 13:28

Oil prices edged lower on Monday as market participants looked for clues from OPEC and other major oil producers as well as global trade developments.

Last week, the Organization of the Petroleum Exporting Countries stated that it expects oil demand to drop in 2020, signaling that the cartel and other major producers might keep the cap on output introduced last December in an effort to tackle a supply glut.

OPEC's Mohammad Barkindo, however, shrugged off concerns regarding a drop in demand growth last week, saying that estimates show a "potential for an upside swing" in demand next year.

International benchmark Brent for January settlement retreated 0.50% at 7:24 am ET, going for $63.12 per barrel, while West Texas Intermediate for December delivery decreased 0.54% at the same time, selling for $57.58 per barrel.

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