Crude oil prices fell in trading on Tuesday morning, a day after the OPEC+ alliance announced a small production cut next October.
And on Monday, the coalition said after a hypothetical meeting of a ministerial committee to monitor production cuts that it had decided to cut production for all members (23 members) by 100,000 bpd in October.
And by then (0843 GMT), prices for the global benchmark futures contract for Brent crude for November delivery fell 1.44%, or $1.32, to $94.41 a barrel.
Meanwhile, US West Texas Intermediate crude for October delivery rose 1.34 percent, or $1.19, to $88.08 a barrel.
This comes at a time when crude oil prices are fluctuating wildly, at a time when fears are growing that the US economy will enter recession, in addition to a slowdown in the Chinese economy.
The ministerial meeting of members pointed to the negative impact of fluctuations and low liquidity on the current oil market, as well as the need to maintain the stability and efficient functioning of the market.
Source: El Iktisad
