Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Lebanon devalues its currency by 90 percent, market rate is much lower

    February 1, 2023

    Indian FM presents $550 billion progressive and inclusive Union Budget

    February 1, 2023

    Outstanding operational performance by Etihad Cargo in 2022

    February 1, 2023
    Facebook Twitter Instagram
    ME News ServiceME News Service
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    ME News ServiceME News Service
    Home » As concerns over demand rise, crude oil falls to a 7-month low
    Business

    As concerns over demand rise, crude oil falls to a 7-month low

    September 7, 2022
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    As the impact of COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred fears of a global economic recession and decreased fuel consumption, oil prices dropped more than $1 on Wednesday to their lowest level since before the Russia-Ukraine conflict. Brent crude futures fell $1.35, or 1.5%, to $91.48 a barrel by 04:20 GMT after falling 3% in the previous session. The contract reached its lowest level since February 18 at $91.35.

    As concerns over demand rise, crude oil falls to a 7-month lowCrude futures for West Texas Intermediate fell $1.55, or 1.8%, to $85.33. Crude futures for West Texas Intermediate fell to a session low of $85.17. The price of oil pared strong gains made on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to reduce output by 100,000 barrels per day in October.

    According to Reuters, China’s zero-COVID policy has kept cities such as Chengdu, with 21.2 million people, under lockdown, restricting people movement and oil demand. The country’s exports and imports lost momentum in August, with growth significantly below expectations. Customs data showed that crude oil imports fell 9.4% in August from a year earlier because of outages at state-run refineries and lower production at independent plants.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email

    Related Posts

    Lebanon devalues its currency by 90 percent, market rate is much lower

    February 1, 2023

    Indian FM presents $550 billion progressive and inclusive Union Budget

    February 1, 2023

    Outstanding operational performance by Etihad Cargo in 2022

    February 1, 2023

    Vietnam-India bilateral trade reached record levels in 2022

    February 1, 2023

    Philips cuts 13 percent of jobs in a safety and profitability drive

    January 30, 2023

    German-Australian hydrogen supply chain investment of $90 million

    January 28, 2023
    Latest News

    Lebanon devalues its currency by 90 percent, market rate is much lower

    February 1, 2023

    Indian FM presents $550 billion progressive and inclusive Union Budget

    February 1, 2023

    Outstanding operational performance by Etihad Cargo in 2022

    February 1, 2023

    Vietnam-India bilateral trade reached record levels in 2022

    February 1, 2023

    Djokovic tops ATP rankings, Sabalenka No. 2

    January 31, 2023

    Pakistan mosque suicide bombing death toll rises to 88

    January 31, 2023
    © 2022 ME News Service | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.