The price of a barrel of Brent oil, which serves as a reference for Angolan exports, for delivery in November, ended today with a sharp drop of 4.86%, to 73.75 dollars, returning to the levels of December 2023.
Brent crude hit its lowest level on the London futures market today since December 2023, when it was at an annual low of 73.24, Lusa reports.
The price of oil fell below the $75 barrier for the first time so far in 2024 and ‘exploded’ annual gains, just a week after registering an increase of more than 3%.
The pessimistic sentiment about global demand for crude oil prevailed over the decline in production in countries such as Libya.
The fall occurred after China, the world’s largest oil importer, reported the fourth consecutive month of falls in the industrial sector and just days before the release of the United States employment report for August, whose data for July raised fears of a possible recession in the US economy, the same source says.
