Markets > Commodities

Oil prices fall slightly amid mixed news

2019-10-08 04:36

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NEW YORK, Oct. 7 (Xinhua) -- Oil prices edged a bit lower on Monday, as investors digested mixed news to gauge global crude demand and supply levels.

The West Texas Intermediate for November delivery lost 0.06 U.S. dollar to settle at 52.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery dipped 0.02 dollar to close at 58.35 dollars a barrel on the London ICE Futures Exchange.

In the week to Oct. 1, the sales of the six most important futures and options contracts linked to oil prices suffered the largest decline in nearly four months, with hedge funds and other money managers selling the equivalent of 96 million barrels, according to statistics of Reuters on Monday, which pointed to weakening global demand.

Yet crude production by the Organization of the Petroleum Exporting Countries (OPEC) recorded its steepest month-on-month fall in almost 17 years in September, according to an S&P Global Platts survey released on Monday, sapping global supply.

Last month's OPEC production slumped 1.48 million barrels per day (bpd) from August to 28.45 million bpd, as weighed down by attacks on Saudi Arabia's Abqaiq processing facility and Khurais field, as well as U.S. sanctions on Iran and Venezuela.
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