Oil prices extended their slide today on bad data out of China and their new restrictions on Covid “The weakness coming out of China has played a significant role” in lowering prices, said Harry Altham, energy analyst for EMEA & Asia at StoneX Group in London. “There are fears of demand destruction across the West as interest rates rise and inflation concerns grip Western economies. Factory data from China declined again in August while they battle with a real estate crisis and record heat waves. US and OPEC production both hit the highest levels since Covid. Meanwhile, US oil inventories fell by 3.3MM\/bbls, with gasoline stocks down 1.2MM\/bbls. WTI traded down $2.09 or -2.3% to close at $89.55. Brent traded down $2.82 or -2.8% to close at $96.49.<\/p>\n\n\n\n
Oil prices extended their slide today on bad data out of China and their new restrictions on Covid<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n