CommoPlast

Oil extended loses on lingering demand outlook concerns

Oil extended loses on lingering demand outlook concerns



International benchmarks for crude oil extended the weakening trend, losing another 2% on Friday, 18 November 2022 on lingering concerns over the demand outlook following the rising number of COVID-19 infection cases in China. Meanwhile, the US dollar strengthened against other currencies, making commodities traded in the USD less appealing to other investors.

Brent loses $2.16 or 2.4% to close at $87.62/barrel.

WTI dropped $1.56 or 1.9% to close at $80.08/barrel.