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Business Maverick: Oil set for its worst losing run since 2020 on slowdown concerns

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Oil headed for a third monthly drop, the longest declining streak in more than two years, on prospects for slower global growth as central banks tighten policy and China presses on with its Covid Zero strategy.

West Texas Intermediate, which traded above $92 a barrel after tumbling on Tuesday, has shed more than 6% in August, hitting the lowest since January mid-month. In the US, thehas been raising rates aggressively to quell inflation, while Europe is gripped by an energy crisis that may herald a recession. In Asia, growth in China, the top oil importer, has slowed.

Traders are also tracking an array of supply-related issues. While there has been significant unrest in both Libya andin recent days, oil output in both OPEC members appears to be unaffected so far. Separately, talks to revive an Iranian nuclear deal that may unlock greater crude exports have dragged on.

Oil’s decline in August marks the latest chapter in what’s been a tumultuous year, with prices driven higher in the first half by

 

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