Oil prices fall, Brent crude to $108.83 a barrel

Oil prices fell, as persistent fears of stagnant demand cast a shadow over sentiment and put the benchmark crude on track for its third consecutive weekly loss.
By 04:28 GMT, Brent crude futures were down 20 cents, or 0.2%, at $108.83 a barrel, giving up gains of more than a dollar earlier in the session.
West Texas Intermediate crude futures for August delivery fell 37 cents, or 0.4 percent, to $105.39 a barrel, giving up earlier gains during the session, which amounted to nearly a dollar.
The OPEC + bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent producers including Russia, agreed to abide by the applied production policy after two days of meetings, but the bloc avoided discussing production policy from September on wards.
OPEC + had decided to increase production per month by 648,000 barrels per day in July and August, in an increase over a previous plan to increase production by 432,000 barrels per day on a monthly basis.
A Reuters poll, Thursday, revealed that oil prices are expected to remain above $100 a barrel this year as Europe and other regions seek to move away from Russian oil and gas supplies, although economic concerns may slow price increases.


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About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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92 Members

28 Board of Directors

17 Country

300.000 Employees

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