Oil prices are in retreat to start the trading week.
West Texas Intermediate (WTI) crude oil, the U.S. standard, fell 2.1% to near $83 U.S. a barrel
after the conclusion of the Chinese Communist Party’s congress over the weekend and as the
latest economic data shows a mixed recovery in China during this year’s third quarter.
The price of Brent crude oil, the international benchmark, declined 1.8% to $91.86 U.S. per
barrel.
A stronger U.S. dollar also continues to pressure oil prices, while new data out of Europe shows
an economic contraction on the continent, raising the likelihood of a recession.
Crude oil prices have lost a third of their value since peaking in June of this year as concerns
about a global economic recession sour sentiment and cloud the outlook for energy demand.
A big output cut by OPEC+ this November and upcoming European Union sanctions on
Russian oil flows have further raised concerns about the supply outlook for oil as we move into
the cold winter months.
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