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Oil Prices Drop Amid Increasing Economic Concerns

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Oil Prices Drop Amid Increasing Economic Concerns

Oil Prices Drop Amid Increasing Economic Concerns

Oil Prices Drop Amid , Increasing Economic Concerns.

Reuters reports that on Oct.

24, data from China showed that the country's oil demand remained at disappointing levels in September.

The recent recovery in oil imports faltered in September, ANZ analysts, via Reuters.

China's COVID policies and curbs on fuel exports contributed to the decline.

.

China's COVID policies and curbs on fuel exports contributed to the decline.

.

Reuters reports that "Brent crude futures for December settlement" dropped 1.3% to $92.33 a barrel.

.

"U.S. West Texas Intermediate crude for December delivery" dropped 1.7% to $83.65 a barrel.

Reuters reports that Brent crude rose last week even though President Biden announced the sale of 15 million oil barrels from the nation's reserves.

.

Reuters reports that Brent crude rose last week even though President Biden announced the sale of 15 million oil barrels from the nation's reserves.

.

Biden said his administration would work to replenish the U.S. Strategic Petroleum Reserves once oil hits $70 a barrel.

However, analysts said the move wouldn't affect prices much.

Such a release is likely to have only a modest influence (


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