Brent Crude drops to $77.9 per barrel

Brent crude futures were down at $77.9 a barrel on Friday, below a three-year high of $80.75 hit earlier in the week and after posting a 9.5% jump in September.

Investors’ focus shifted to an OPEC+ meeting on Monday, where producers will discuss whether to increase production in November and December to ease supply concerns.

Investors also digested reports that Beijing ordered Chinese state-owned energy companies to secure supplies for the incoming winter season, an unexpected rise in US crude inventories and a stronger dollar.

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.

Source: Trading Economics