{"id":129708,"date":"2022-10-10T19:37:22","date_gmt":"2022-10-10T19:37:22","guid":{"rendered":"https:\/\/fin2me.com\/?p=129708"},"modified":"2022-10-10T19:37:22","modified_gmt":"2022-10-10T19:37:22","slug":"oil-futures-settle-sharply-lower-on-demand-concerns","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/oil-futures-settle-sharply-lower-on-demand-concerns\/","title":{"rendered":"Oil Futures Settle Sharply Lower On Demand Concerns"},"content":{"rendered":"

Crude oil prices drifted lower on Monday as data from China raised concerns about the outlook for energy demand outweighed uncertainty about supply.<\/p>\n

Rising tension between Washington and Beijing following the Biden administration announcing new export controls targeting Chinese companies hurt as well.<\/p>\n

Oil prices surged higher in recent sessions, lifted by OPEC and its allies’ decision to cut output by 2 million barrels per day from November, and Russia’s reiteration that it won’t sell oil to countries that adopt a U.S.-led price cap.<\/p>\n

West Texas Intermediate Crude oil futures for November ended lower by $1.51 or about 1.6% at 91.13 a barrel.<\/p>\n

Brent crude futures were down $1.94 or 1.95% at $95.98 a barrel a little while ago.<\/p>\n

Services activity in China during September contracted for the first time in four months as COVID containment measures hit demand and business<\/span> confidence, data showed on Saturday.<\/p>\n

The Caixin services purchasing managers’ index (PMI) fell to 49.3 from 55.0 in August.<\/p>\n

Meanwhile, Chinese cities are imposing fresh lockdowns and travel restrictions after the number of new daily Covid-19 cases tripled during a weeklong holiday. <\/p>\n

Authorities in Fenyang, a city in the northern province of Shanxi, announced a lockdown after the discovery of a single preliminary positive case.<\/p>\n

In far-western Xinjiang, about 22 million people were banned from leaving the region last week due to rising cases.<\/p>\n

Two Shanghai districts have closed all entertainment<\/span> venues to control and prevent new Covid-19 cases. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crude oil prices drifted lower on Monday as data from China raised concerns about the outlook for energy demand outweighed uncertainty about supply. Rising tension […]<\/p>\n","protected":false},"author":3,"featured_media":129707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nOil Futures Settle Sharply Lower On Demand Concerns - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/oil-futures-settle-sharply-lower-on-demand-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Futures Settle Sharply Lower On Demand Concerns - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Crude oil prices drifted lower on Monday as data from China raised concerns about the outlook for energy demand outweighed uncertainty about supply. 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