WTI crude oil futures fell toward $79 per barrel on Monday, sliding for the fourth straight session amid concerns that China may tighten Covid curbs and that major central banks will continue raising interest rates.
China reported its first Covid-related deaths in almost six months over the weekend, while localized lockdowns were implemented in some areas on Monday as the world’s top crude importer continued to grapple with resurgent Covid outbreaks. Investors were also worried that tightening financial conditions could tip the global economy into recession, hurting energy demand.
Still, investors remained cautious about a highly uncertain supply outlook heading into winter, with the European Union set to ban Russian crude flows from December, while OPEC is expected to keep oil markets tight
WTI crude futures pared losses to trade above $79 per barrel, after falling more than 5% to the lowest level since January, after Saudi Arabia denied news of a potential oil output increase. Earlier, the Wall Street Journal reported that Saudi Arabia and other OPEC producers were discussing an increase in crude production.
The report suggested that an increase of up to 500,000 barrels per day was under discussion for OPEC+’s December 4th meeting. Oil prices have been falling for the past four sessions, amid demand concerns from tighter Covid curbs in China and fears that major central banks will continue raising interest rates.
China reported its first Covid-related deaths in almost six months over the weekend, while localized lockdowns were implemented in some areas on Monday as the world’s top crude importer continued to grapple with resurgent Covid outbreaks.
Brent : crude futures tumbled below the $120-per-barrel level as investors reacted to a bearish report from IEA pointing to […]
WTI crude: futures bounced back to $90 per barrel on Wednesday, after losing more than 3% in the past two […]
LONDON, April 23 (Reuters/B-Trams) :-Soybean oil prices soared to a record high on Friday as Indonesia’s decision to effectively ban […]
Residents of Namibia are forced to pay an unusually high price for vegetable oil due to the consequences of the […]
Welcome To B-Trams
Chat With Us ?
Any questions related to Crude Oil Extends Fall on Demand Concerns?
WhatsApp Us
🟢 Online | Privacy policy
WhatsApp Us