Oil prices fall, deepen weekly loss to 8%
19/10/2024
Argaam
Oil drilling rigs
Oil prices deepened their losses on Friday, due to renewed concerns about demand slowdown from China.
Brent crude futures for December delivery dropped 1.85%, or $1.39, to settle at $73.06 a barrel.
Similarly, New York Mercantile Exchange (NYMEX) futures for November delivery slumped over 2%, or $1.45, to $69.22 per barrel.
Both contracts recorded weekly losses of 7.55% and 8.4%, respectively.
China's GDP slowed to 4.6% in Q3 2024, from 4.7% in the second quarter, marking its lowest pace since the beginning of 2023.
Meanwhile, China’s refinery output fell 5.4% in September versus a year earlier, official data showed on Friday, declining for a sixth consecutive month.
Market Indices
Dubai
5,897.57
(9.63)
(0.16 %)
Abu Dhabi
9,960.24
(33.00)
(0.33 %)
TASI
10,542.23
(47.72)
(0.45 %)
Qatar
9,209.53
(49.77)
(0.54 %)
Kuwait
9,063.91
13.25
0.15 %
Muscat
7,828.06
39.92
0.51 %
Bahrain
1,898.90
(2.96)
(0.16 %)
Commodity Price
Brent Crude Oil
101.00
(0.38)
(0.38%)
Nymex
89.08
(1.16)
(1.29%)
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