Oil prices remained stable following a two-day slump as fears about dwindling demand in top importer China were offset by an industry-funded research indicating a drop in US inventory. After falling 1.3% on the previous two days, West Texas Intermediate futures for October traded below $80 a barrel. China's faltering economy is now the most serious …
Oil prices remained stable following a two-day slump as fears about dwindling demand in top importer China were offset by an industry-funded research indicating a drop in US inventory.
After falling 1.3% on the previous two days, West Texas Intermediate futures for October traded below $80 a barrel. China’s faltering economy is now the most serious danger to global commodity demand, as weakening economic activity and credit flows jeopardize Beijing’s modest growth ambitions.
The American Petroleum Institute, which is backed by the business, said that countrywide stocks declined 2.4 million barrels last week, an optimistic indication if verified by official Energy Information Administration statistics coming later on Wednesday.
Crude’s gain since late June has stalled in recent sessions due to a worsening outlook in China, hints that the Fed isn’t finished with its monetary tightening drive, and a rising currency. This has masked a tighter market as a result of production curbs by OPEC+ heavyweights Saudi Arabia and Russia.
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