Oil slumped as weak demand outlook overshadowed US crude stocks report
Oil slumped as weak demand outlook overshadowed US crude stocks report
International benchmarks for crude oil continue to fall on Wednesday, 31 August 2022 following reports on weak manufacturing activities globally. Meanwhile, the renewed COVID-19 restrictions in China are expected to dampen demand.
Brent for October delivery downed $2.82 or 2.8% to settle at $96.49/barrel.
WTI lost $2.09 or 2.3% to close at $89.55/barrel.