NEW YORK, Jan. 30 (Xinhua) — Crude oil prices fell on Monday, adding to losses suffered last week.
West Texas Intermediate (WTI) for March delivery fell US$1.78 (2.23%) to settle at US$77.9 a barrel on the New York Mercantile Exchange. Brent crude for March delivery fell his $1.76, or 2.03%, to close at $84.9 a barrel on the London ICE futures exchange.
The move came as key ministers from members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies (collectively OPEC+) are scheduled to hold a virtual meeting on Wednesday.
Traders were also waiting for interest rate decisions from the major central banks as the US Federal Reserve (Fed) kicked off its two-day policy meeting on Tuesday and the European Central Bank will meet on Thursday.
In the trading week ending January 27th, WTI was down 2.4% while Brent was down 1.1%.
https://www.bignewsnetwork.com/news/273458355/oil-prices-drop-after-downbeat-week?utm_source=feeds.bignewsnetwork.com&utm_medium=referral Oil prices drop after a week of decline