Subscribe to Updates

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

    What's Hot

    Kolkata is now served daily by Etihad Airways

    March 27, 2023

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    Indian space program places 36 satellites in their intended orbits

    March 27, 2023
    Facebook Twitter Instagram
    Angola ReportAngola Report
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Angola ReportAngola Report
    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 Tumblr 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 Tumblr Email

    Related Posts

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    A gold price peak may be near – and it may last

    March 23, 2023

    Credit Suisse and UBS are in talks to merge – FT

    March 18, 2023
    Latest News

    Kolkata is now served daily by Etihad Airways

    March 27, 2023

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    Canadian legislature laughs after Biden accidentally applauds China

    March 25, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Globally, water pollution and sanitation are major problems – UN

    March 23, 2023

    A gold price peak may be near – and it may last

    March 23, 2023

    Ibrahimovic is back with Sweden but is not thinking about Euro 2024

    March 21, 2023
    © 2023 Angola Report | All Rights Reserved
    • Home
    • Contact Us

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