Oil Prices Drop More Than 1%

Oil Prices Drop More Than 1%
Oil Prices Drop More Than 1%

Oil prices slid more than 1% on Monday after Chinese data showed that demand from the world's largest crude importer remained lackluster in September as strict Covid-19 policies and fuel export curbs depressed consumption.
Brent crude futures for December settlement slid $1, or 1.1%, to $92.50 a barrel after rising 2% last week, reported.
US West Texas Intermediate crude for December delivery was at $84.02 a barrel, down $1.03, or 1.2%.
Although higher than in August, China's September crude imports of 9.79 million barrels per day were 2% below a year earlier, customs data showed on Monday, as independent refiners curbed throughput amid thin margins and lackluster demand.
"The recent recovery in oil imports faltered in September," ANZ analysts said in a note, adding that independent refiners failed to utilize increased quotas as ongoing Covid-related lockdowns weighed on demand.
"This was exacerbated by falling refinery margins and product export curbs," the analysts said.
Saudi Arabia and Russia were neck and neck, as China's top two suppliers in September.
Uncertainty over China's zero-Covid policy and property crisis are undermining the effectiveness of pro-growth measures, ING analysts said in a note, even though third-quarter gross domestic product growth beat expectations.

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