What's Hot

    Costa Rican zoo defies science with mind-blowing crocodile Virgin Birth

    June 8, 2023

    Crisis deepens in Japan as birth rate reaches all-time low, fueling demographic concerns

    June 7, 2023

    Women’s Golf Day Reaches New Heights and Countries

    June 7, 2023
    Facebook Twitter Instagram
    Trending
    • Costa Rican zoo defies science with mind-blowing crocodile Virgin Birth
    • Crisis deepens in Japan as birth rate reaches all-time low, fueling demographic concerns
    • Women’s Golf Day Reaches New Heights and Countries
    • U.S. Polo Assn. Delivers Record $2.3 Billion in Revenue, Shattering $2 Billion Milestone
    • Tom Cruise and cast to grace Abu Dhabi’s Mission: Impossible premiere
    • The Next 150 Launches General Biochar Systems With Its First Industrial-Scale Plant in Mexico
    • Game-changing Macs: Apple launches Mac Studio and Mac Pro with revolutionary Apple silicon
    • Apple redefines laptop excellence with the thinnest 15-inch MacBook Air
    • Home
    • Contact Us
    South Africa GazetteSouth Africa Gazette
    Friday, June 9
    • Automotive
    • Business
    • Entertainment
    • Health
    • Luxury
    • Lifestyle
    • News
    • Sports
    • Technology
    • Travel
    South Africa GazetteSouth Africa Gazette
    Home » As concerns over demand rise, crude oil falls to a 7-month low

    As concerns over demand rise, crude oil falls to a 7-month low

    September 7, 2022
    Share
    Facebook Twitter LinkedIn Pinterest Email

    As the impact of COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred fears of a global economic recession and decreased fuel consumption, oil prices dropped more than $1 on Wednesday to their lowest level since before the Russia-Ukraine conflict. Brent crude futures fell $1.35, or 1.5%, to $91.48 a barrel by 04:20 GMT after falling 3% in the previous session. The contract reached its lowest level since February 18 at $91.35.

    As concerns over demand rise, crude oil falls to a 7-month lowCrude futures for West Texas Intermediate fell $1.55, or 1.8%, to $85.33. Crude futures for West Texas Intermediate fell to a session low of $85.17. The price of oil pared strong gains made on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to reduce output by 100,000 barrels per day in October.

    According to Reuters, China’s zero-COVID policy has kept cities such as Chengdu, with 21.2 million people, under lockdown, restricting people movement and oil demand. The country’s exports and imports lost momentum in August, with growth significantly below expectations. Customs data showed that crude oil imports fell 9.4% in August from a year earlier because of outages at state-run refineries and lower production at independent plants.

    Keep Reading

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    Global stocks surge as US debt ceiling agreement brings relief

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    European Investment Bank supports circular economy with €3.4 billion lending

    Successful UAE-India partnership stands as a model of bilateral cooperation

    Latest News

    Costa Rican zoo defies science with mind-blowing crocodile Virgin Birth

    June 8, 2023

    Crisis deepens in Japan as birth rate reaches all-time low, fueling demographic concerns

    June 7, 2023

    Tom Cruise and cast to grace Abu Dhabi’s Mission: Impossible premiere

    June 6, 2023

    Game-changing Macs: Apple launches Mac Studio and Mac Pro with revolutionary Apple silicon

    June 6, 2023

    Apple redefines laptop excellence with the thinnest 15-inch MacBook Air

    June 6, 2023

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023
    © 2022 South Africa Gazette | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.