Oil prices dip on weak demand outlook, supply concerns


Oil prices dip on weak demand outlook, supply concerns

Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month. Global benchmark Brent crude oil futures fell by 10 cents, or 0.2 per cent, to $59.32 a barrel by 0108 GMT.

US crude oil futures were down by 9 cents, or 0.2 per cent, to $53.69. “Commodity markets continue to struggle amid weak economic data,” said ANX Bank in a note. China’s economic growth slowed to 6 per cent year-on-year in the third quarter, its weakest in 27-1/2 years and short of expectations due to soft factory production and continuing trade tensions.

Still, a 9.4 per cent year on year increase in China’s refinery throughput for September signalled that petroleum demand from the world’s biggest oil importer remained robust. Read More

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