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Oil market extended loses on weak EU economic data.According to media reports, the latest German data suggested a recession in the country is underway while Britain’s business activities registered another month of decline. |
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International benchmarks for crude oil fell for the third straight session on Tuesday, 24 October 2023 following a series of weak economic data from Germany, the EU and Britain that weighed on the demand outlook.
Brent fell $1.76 or 2% to close at $88.07/barrel.
WTI dropped $1.75 or 2.1% to close at $83.74/barrel.
According to media reports, the latest German data suggested a recession in the country is underway while Britain’s business activities registered another month of decline.
