Crude maintains downward path as global demand outlook remains weak
West Texas Intermediate crude oil was down $1.09 or 4.8% to settle at $21.51/barrel on the New York Mercantile Exchange on Friday. Brent crude oil, the other global benchmark, fell $1.41 or nearly 5.4% to close at $24.93/barrel on ICE Futures Europe.
Aforementioned factors continue to put a downward pressure on oil prices after they hit their lowest levels since February 2002 last week.
In fact, WTI crude oil on NYMEX was trading at around $20.86/bbl, down 65 cents or 3% during the intra-day session on Monday. Brent oil futures were $1.29 or 5.17% lower from its previous settlement to stand at $23.65/bbl at the time of writing.
Both crude oil benchmarks are hovering at around their lowest levels in almost 2 decades.
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