Reduced oil prices can be attributed to growing concerns about demand

The UNITED STATES of America, September 30 (Xinhua) — On Friday, oil prices dropped as investors fretted over a weakening demand forecast.

The West Texas Intermediate (WTI) for November delivery declined 1.74 U.S. dollars, or 2.1 per cent, to settle at 79.49 dollars a barrel on the New York Mercantile Exchange. On the London ICE Futures Exchange, November Brent crude dropped 53 cents, or 0.6 per cent, to $87.96 per barrel.

Oil market players pulled back because they worried that vigorous monetary tightening by central banks would increase the chance of a recession, reducing fuel demand.

The markets were also expecting a major decision from OPEC+ next Wednesday, when OPEC and its partners will debate future production.

Prices for crude oil still rose for the week despite a decline on Friday. Compared to Brent's 2.1 per cent increase, the WTI's weekly gain was over 1 per cent.

According to Dow Jones Market Data, the price of Brent crude fell by 8.8 per cent in September, while the price of U.S. crude fell by 11 per cent.