Markets > Commodities

Oil prices decline amid demand concerns

2019-08-31 04:44

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NEW YORK, Aug. 30 (Xinhua) -- Oil prices declined on Friday as investors remained concerned about soft demand.

Analysts have noted that a global economic slowdown due to trade uncertainties would lead to softer crude oil demand and affect oil prices.

U.S. oil rig count was down 12 rigs this week to 742, the energy services firm Baker Hughes said in its weekly report on Friday. However, the statistics were not able to support the oil prices.

The West Texas Intermediate for October delivery decreased 1.61 U.S. dollars to settle at 55.1 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.65 dollar to close at 60.43 dollars a barrel on the London ICE Futures Exchange. Enditem

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