Oil extended losses on demand worries.
International benchmarks for crude oil extended the fall on Thursday, 5 October 2023 as worries over the fuel demand overshadowed the continued production cuts from Saudi Arabia and Russia.
International benchmarks for crude oil extended the fall on Thursday, 5 October 2023 as worries over the fuel demand overshadowed the continued production cuts from Saudi Arabia and Russia. Last week’s rally was partly driven by Russia’s ban on the exports of refined products and as the country started lifting the restrictions, heating fuel futures in the US nosedived more than 5%.
Latest data also showed service sector in the US remained slow while the EU economy might have shrunken last quarter. Adding to the downward pressure is the strong US dollar and the off-peak gasoline demand season.
Brent settled $1.74 or 2.03% lower at $84.07/barrel.
WTI loses $1.91 or 2.3% to close at $82.31/barrel.