There were sharp declines in energy commodities last week.
Brent oil was also among the commodities whose value decreased.
The barrel price of Brent oil, which fell to its lowest level in the last 4 months by testing $ 76.7, completed the week at $ 80.5 with a decrease of 1.2 percent.
Thus, Brent oil continued its downward trend for the fourth week in a row.
Oil price is affected by economic developments in the USA and China
While concerns about global oil demand continue, developments regarding the US and Chinese economies lead to concerns about the global oil demand outlook and put downward pressure on prices.
Concerns about whether the US Federal Reserve (Fed) will stop increasing interest rates and the increasing signals of slowdown in the US economy will turn into a recession remain in the markets.
China could not shake off the impact of coronavirus
China remains important in oil prices. Signs of recovery are still weak in China, where the coronavirus epidemic first started.
October economic indicators announced in China, the world’s largest oil importer and second largest oil consumer, reveal that the difficulties in recovering from the coronavirus in the fields of production, consumption, investment and employment continue.
Natural gas lost value
Natural gas traded on the New York Mercantile Exchange also lost 2.4 percent in value last week.
News Source: Anadolu Agency (AA)