11/15/2021, 4:26 PM (Source: TeleTrader)
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Crude drops 1.5% amid fears of excess supply

Prices of oil futures decreased over 1.5% on Monday as fears of rising supply mounted among traders.

United Arab Emirates Energy Minister Suhail Al Mazroui predicted that the available oil will outgrow the demand for crude in the following year's first quarter. Adding to the negative sentiment, the demand outlook was somewhat dimmed by COVID-19 containment issued in Germany, Russia, and China.

West Texas Intermediate (WTI) for settlements in December 2021 was down 1.5% to sell for $79.58 per barrel at 10:15 am ET, while Brent for deliveries in January 2022 dropped 1.61%, going for $80.85 a minute later.

Baha Breaking the News (BBN) / BU