NEW YORK, Oct 11 (NNN-XINHUA) – Oil prices fell yesterday, snapping a five-day winning streak.
The West Texas Intermediate (WTI) for Nov delivery, decreased 1.51 U.S. dollars, or 1.6 percent, to settle at 91.13 dollars a barrel, on the New York Mercantile Exchange. Brent crude for Dec delivery lost 1.73 dollars, or 1.8 percent, to close at 96.19 dollars a barrel, on the London ICE Futures Exchange.
Concern about demand amid growing recession risks and the sharp appreciation of the U.S. dollar, continued to weigh on market.
Last week, oil prices reaped significant gains, bolstered by a big output cut by major producers. The Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed to reduce production by two million barrels a day, starting Nov.
For the week ending Friday, the WTI spiked 16.5 percent, while Brent soared 15 percent, based on the front-month contracts.– NNN-XINHUA
