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Oil futures settle lower on energy demand concerns, as Ecuador announces plan to leave OPEC


Wednesday, 2 October 2019 02:11 WIB

Minyak WTIMinyak Mentah


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Oil futures finished with a loss on Tuesday, as a drop in U.S. manufacturing activity fed concerns over a slowdown in energy demand.

Ecuador, meanwhile, announced plans Tuesday to leave the Organization of the Petroleum Exporting Countries on Jan. 1, 2020 as its government seeks ways to boost revenue. "It's not a tremendous amount of oil they produce, but they don't want to have their hands tied to the OPEC production [cut] agreement," said Tariq Zahir, managing member at Tyche Capital Advisors.

November West Texas Intermediate oil fell 45 cents, or 0.8%, to settle at $53.62 a barrel on the New York Mercantile Exchange.

Source : MarketWatch


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