Business Maverick: Oil Is Headed for Longest Slump Since 2020 Amid Growth Concerns

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 84%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

Oil is headed for a third monthly decline, the longest losing run in more than two years, on concern that tighter monetary policy and China’s economic slowdown will impact crude demand.

Saudi Arabia to float the idea the alliance could cut output, although Russian media reported the group wasn’t discussing such a move at present.

The main theme “is pessimistic macro-economic expectations, coupled with tight supply from low inventories,” said Zhou Mi, an analyst at Chaos Research Institute in Shanghai, which is affiliated with Chaos Ternary Futures Co.WTI for October delivery was down $1.15 to $90.49 a barrel at 10:26 a.m. in New York.The contract has lost about 13% in AugustKey time spreads suggest that tightness in the market has eased.

“This just seems like a violent retracement in prices and spreads in oil after they failed to maintain their strength yesterday in what is an extremely illiquid market,” said Scott Shelton, an energy specialist at ICAP. An insight into market conditions in the US will come later Wednesday when the Energy Information Administration issues its weekly analysis of supply and demand. On Tuesday, the American Petroleum Institute reported a modest build in nationwide oil holdings, although there was a drop at the key storage hub in Cushing, Oklahoma, according to people familiar with the figures.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met JamesAlderson0 and started Bitcoin trading, I earned R800,000 in 3 weeks thanks JamesAlderson0

Yay! 😁

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in SG

Singapore Singapore Latest News, Singapore Singapore Headlines