Oil prices fall in Asia due to economic concerns in China

September 11, 2023 (QNA) Oil prices fell in early Asian trading today, as economic concerns in China weighed on the fuel demand outlook, although Brent crude remained above $90 a barrel, thanks to tight supplies.

Brent crude fell 49 cents, or 0.5 percent, to $90.16 a barrel, while U.S. West Texas Intermediate crude fell to $86.77 a barrel, down 74 cents, or 0.9 percent.

Both contracts have risen in the past two weeks, and Brent held steady at its highest level since November on Friday, after Saudi Arabia and Russia announced last week they would extend voluntary supply cuts totalling 1.3 million bpd until the end of the year.

The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are due to release their monthly reports this week.