Oil down over USD7 a barrel in post settlement trade
Business Recorder • • 1 min read
Brent crude fell by more than USD7 a barrel in post-settlement trading on Monday, reaching its lowest level since late August, Business Recorder reported. The benchmark had already closed 5.85 percent lower at USD92.57, while US West Texas Intermediate settled down 4.38 percent at USD86.85 and later dropped by more than USD5.
Prices weakened after US President Donald Trump played down the prospect of fresh strikes on Iran, although reports of attacks affecting shipping near the Strait of Hormuz underscored continuing regional risks. The decline also comes amid signs of ample supply: analysts cited a global surplus of about 1.4 million barrels per day in October, while OPEC output increased by 1.38 million barrels per day to 22.87 million.
Business Recorder also cited Morgan Stanley’s assessment that the physical market had softened, with Dated Brent trading at a discount to the nearby futures contract. For Pakistani investors, the move provides a global crude-market signal relevant to listed oil and gas businesses.
At a glance
- Brent settled at USD92.57 a barrel before falling by more than USD7 in later trading.
- WTI closed at USD86.85 and subsequently lost more than USD5.
- OPEC output rose to 22.87 million barrels per day in October.
Originally reported by Business Recorder
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