Oil fell on profit-taking, disappointing China data

International benchmarks for crude oil fell nearly 2% on Monday, 10 October 2022, halting a five-day rally as traders took profit. Meanwhile, a Caixin survey showed that China’s services activity contracted in the month of September as the private sector grappled with COVID containment measures. Fear of eroding economic outlook outweighs the supply concerns in the energy market.

Brent shed $1.73 or 1.8% to close at $96.19/barrel. 

WTI dropped $1.51 or 1.6% to close at $91.13/barrel.