Oil Sinks Further Amid China Concerns, Weakened Economic Prospects
Investing.com-- Oil prices extended recent losses on Tuesday as markets remained cautious amid signs of weakening Chinese demand, while a slew of dismal economic indicators also brewed concerns over global crude appetite.
Crude prices marked a weak start to the week after data showed China’s crude imports sank 2% in September, amid continued headwinds from COVID-linked restrictions. The country, which is the world’s largest crude importer, increased its oil imports as local fuel demand weakened.
Data also showed that the Chinese economy grew more than expected in the third quarter. But Beijing’s recent commitment to maintaining its zero-COVID policy darkened the outlook for the world’s second-largest economy.
Weaker-than-expected business activity indicators from Japan, the Eurozone and the U.S. also pointed to slowing economic activity in the world’s largest economies, possibly indicating more headwinds for global crude appetite.
https://www.msn.com/en-us/money/markets/oil-sinks-further-amid-china-concerns-weakened-economic-prospects/ar-AA13l0QY
Think we'll see corresponding drops in gas prices? Ha!
