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Increased supply and economic concerns lead to a drop in oil prices

The Address | Benghazi – Libya

LIBYA – Oil prices fell on Thursday to continue losses from the previous session, under pressure from signs of increased supplies and growing fears that demand may weaken in light of expectations of a global economic slowdown.

Brent crude for January delivery fell 37 cents, or 0.49 percent, to $ 74.67 a barrel by 0527 GMT.

US West Texas Intermediate crude futures fell 29 cents to $ 65.02 a barrel

The crude hit their worst monthly performance since July 2016 on Wednesday as Brent crude fell 8.8 percent while WTI fell 10.9 percent.

At the same time, a Reuters survey showed that the Organization of Petroleum Exporting Countries (OPEC) raised oil production in October to the highest level since 2016 as increases in production led by the United Arab Emirates and Libya overshadowed on the decline of Iranian shipments because of US sanctions, which starts on the fourth of November.

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