Oil extended the weakening trend on concerns over demand in China

International benchmarks for crude oil ended the trading session on Tuesday, 19 October 2022 lower after the Chinese government delayed the release of the third quarter’s economic data indefinitely, triggering fears that fuel demand in this market is more depressed than expected. Meanwhile, the US government vowed to free another 15 million barrels of crude oil from the strategic reserve this winter to keep prices under control.

Brent loss $1.59 or 1.7% to close at $90.03/barrel.

WTI dropped $2.64 or 3.1% to close at $82.82/barrel.