The OPEC chief said market fundamentals did not support the sharp drop in oil prices which have fallen by almost 60 percent since June 2014. Badri said that global demand for oil is forecast to rise to 110 million barrels per day by 2040 from 93 million bpd now.
Oil prices fell in Asia on Monday on persistent concerns about the global supply glut after the OPEC cartel's indication that it will not budge from its current lofty output levels, analysts s
US benchmark West Texas Intermediate (WTI) for September delivery dived almost 3.0 per cent, shedding USD 1.40 to close at USD 47.52 a barrel on the New York Mercantile Exchange.
US benchmark West Texas Intermediate for September delivery fell 32 cents to USD 48.20 and Brent crude for September shed 24 cents to USD 53.07 a barrel in afternoon trade. Both contracts tumbled yesterday, snapping two consecutive days of gains.