Crude price slides to $84 per barrel

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FG targets 2 million bpd crude oil production by December
FG targets 2 million bpd crude oil production by December

In the early assessment of oil prices on Friday, October 6, it was reported that the price of Brent crude stood at $84.21 per barrel around 6:17 AM (GMT+1).

According to a report by Reuters, despite an increase on Friday, oil prices were on track for their most substantial weekly decline since March.

This surge in prices came alongside concerns sparked by a sell-off in the United States bond market, raising fears of a potential global economic slowdown and a significant drop in fuel demand.

On Friday, Brent futures saw a rise of 26 cents, equivalent to 0.3%, reaching $84.33 at 0358 GMT. Similarly, U.S.

West Texas Intermediate crude futures increased by 28 cents, or 0.3%, reaching $82.59, showing a modest recovery from a 2% dip observed on Thursday.

Edward Moya, an analyst at OANDA, commented on the situation, stating, “Oil prices are stabilizing after a brutal week that saw a relentless bond market selloff trigger global growth worries.”

He added, “The worst week for crude since March is starting to attract buyers given the oil market will still remain tight over the short-term.”