Global economic concerns drove oil prices to six-month lows
The market sentiment was heavily influenced by a 13.3% decline in China's crude oil imports in November compared to October, signalling sluggish energy demand in the world's second-largest economy.
In a reflection of mounting economic uncertainties, oil prices plunged to their lowest in six months on Thursday, 7 December 2023. The market sentiment was heavily influenced by a 13.3% decline in China's crude oil imports in November compared to October, signalling sluggish energy demand in the world's second-largest economy.
Adding to the concerns, Moody's downgraded the outlook for Hong Kong, Macau, and several banks, contributing to a broader sense of economic unease. The collaborative efforts of Russia and Saudi Arabia urging all OPEC+ countries to join a deal to stabilize oil markets provided a glimmer of hope, but the prevailing worries outweighed optimistic prospects.
Brent crude futures dropped 25 cents/barrel to $74.05/barrel.
WTI crude futures fell 4 cents/barrel to $69.34/barrel.