Brent oil drops to $80.6 per barrel

Oil prices fell on Monday as traders awaited updated forecasts from OPEC and the International Energy Agency (IEA) on the demand outlook.

Reported from Interfax that OPEC will publish a monthly report on the oil market on Monday, and the IEA on Tuesday.

The price of January futures for Brent on the London ICE Futures exchange amounted to $80.61 per barrel, which is $0.82 (1.01%) lower than at the close of the previous session.

WTI oil futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.79 (1.02%) to $76.38 per barrel.

Over the past week, Brent fell in price by 4.1%, and WTI lost 4.2%. Both varieties ended in the red for the third week in a row due to fears of weakening global demand, Market Watch notes.

Over the past three weeks, Brent has lost 12% of its value amid bearish signals from China, the US and Europe, as well as a decline in the risk premium that traders built into the price due to the conflict in the Middle East. There were no interruptions in oil supplies from the region, which the market had feared.

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