Oil falls amid concerns about the global economy

Oil prices fell on concerns about a slowdown in global economic growth Which blocked the possibility of modification raw width tFollowing the deadlock in talks between major producers to increase pumping in the coming months.

raw Brent In September, it fell 97 cents, or 1.27%, to $74.61 a barrel, while it was down West Texas Intermediate in the United States for the month of August (West Texas IntermediateIt fell $1.02, or 1.38%, to $73.54 a barrel.

Both benchmarks lost nearly 1 percent last week, but they are not far from the highs they hit in October 2018.

G20 finance chiefs warned on Saturday that the spread of coronavirus variables and inequality in access to vaccines threaten the global economic recovery.

“Operators are refocusing on the spread of the global warming pandemic. COVID-19 And in the world’s fears of the expansion of new variables, which puts pressure on prices, despite the adjustment of oil supplies around the world.” Louise Dixon, analyzer Rystad Energy.

The Organization of Petroleum Exporting Countries and his allies, a group known as OPEC +, they abandoned their negotiations on a production deal last week, which included pumping more crude oil starting in August, after a spat between them Saudi Arabia s The United Arab Emirates About how to extend the agreement.

Although the meeting’s failure suggests there will be less crude in the short term, analysts believe that in the long term it increases the likelihood that producers will abandon the agreement and pump as they please.

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