Oil prices fell Monday on concerns that an expansion of COVID-19 controls in China could dampen demand, as well as signs of a slowdown in U.S. crude oil production.
- Brent 7 crude fell 36 cents, or 0.4%, to $95.41 a barrel.
- WTI crude was $87.67 a barrel, down 23 cents, or 0.3%.
Cities in China are doubling down on Beijing’s coronavirus prevention measures due to the widespread outbreak, weakening earlier hopes for a recovery in demand.
The governor of the People’s Bank of China said Sunday that the Chinese central bank reaffirmed the goals of its previous policies to maintain adequate liquidity and promote lending to the real economy.
WTI continues to be supported by signals from major U.S. producers that production and volume growth in the Permian Basin, the country’s main shale region, is slowing.
However, U.S. oil exports hit record highs last week, WTI prices rose 3.4%, while Brent gained 2.4% last week, marking the second consecutive week of gains.
The Spot Market is Open
Monday, October 31, 2022
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 11.45 | 87.33 | -0.57 | -0.65% |