OMV's profit falls 66% in the third quarter

operating profits of OMV oil and gas group fell 66% in the third quarter in light of lower crude prices and the global economic crisis following the Corona pandemic.

According to Arabiyanet, the group said its operating profit before interest and taxes amounted to 317 million euros ($ 375 million), beating analysts' average forecast of 245 million euros.

Oil prices fell more than 5% yesterday, Wednesday, bringing Brent to its lowest level in four months in light of renewed closures due to the growing number of Coronavirus infections in the United States and Europe This fueled expectations for new declines in fuel demand.

The market was also affected by the rise in crude stocks in the United States more than expected last week amid a strong increase in production, according to the US Energy Information Administration.

Brent crude futures fell $ 2.08, equivalent to 5.1%, to settle at $ 39.12 a barrel, while US West Texas Intermediate crude fell $ 2.18 or 5.5% to record $ 37.39.

This is the lowest shutdown for Brent since June 12 and for West Texas since October 2nd. It is the largest daily percentage loss for both benchmarks since the 8th of September.

and the declines in the price of crude coincide with declines in other high-risk asset markets, as all US stock indices fell, with the S&P 500 down by 2.9%.