At the international market, crude oil prices declined in recent sessions because of expectation that the subdued world economic condition may reduce oil consumption.
Recently, the West Texas Intermediate (WTI) or the light sweet crude for December delivery traded around $85.68 a barrel. Brent North Sea crude for December delivery traded around $109.09 a barrel.
Also, the report by International Energy Agency, which estimated that the US would experience a major rebound in its oil production over the next 10 years, exerted downward pressure on oil prices.
Traders expect the euro zone debt crisis to delay recovery of world economic growth. Greece’s budget paves the way for the European Union, International Monetary Fund and the European Central Bank to unlock a 31.5 billion euro ($40 billion) instalment of bailout funds for Athens.
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