The oil market began this morning, Monday, March 11, 2024, with a slightly shocking decline in prices and a return to the point of losses. It was found that the price of Brent crude oil fell to $81.76, while West Texas Intermediate crude also fell to $77.62.
As for the resounding reason that led to the declining indicators for futures contracts, experts indicated that it was confirmation of the decline in demand in China and the increasing fears of it. They explained that China, as one of the countries that imports the most oil, would certainly cause a decrease in its demand to reflect negatively on the market.
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They also stressed that this effect remains present and does not end. All that has happened during the past period is that the threats facing the Middle East region and geopolitical risks are what led to limiting the aggravation of the decline.
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