Brent, WTI Prices Decline 

Brent, WTI Prices Decline 
Brent, WTI Prices Decline 

Oil prices fell over $1 on Monday following weaker-than-expected factory activity data out of China and on concerns its widening Covid-19 curbs will curtail demand.
Brent crude futures dropped $1.10, or 1.2%, to $94.67 a barrel, after slipping 1.2% on Friday, reported.
US West Texas Intermediate crude was at $86.83 a barrel, down $1.07, or 1.2%, after settling down 1.3% on Friday.
Brent and WTI, however, are on track for their first monthly gains since May, up 7.7% and 9.3% respectively, so far.
"The purchasing managers' index data contracting adds to the post-China congress party blues for oil markets. It is not difficult to draw a straight line from weaker PMIs to China's Covid-zero policy," said Stephen Innes, managing partner of SPI Asset Management.
"So long as zero-Covid remains entrenched, it will continue to thwart oil bulls."
Factory activity in China, the world's largest crude importer, fell unexpectedly in October, an official survey showed on Monday, weighed down by softening global demand and strict Covid-19 restrictions that hit production.
Chinese cities are doubling down on Beijing's zero-Covid policy as outbreaks widen, dampening earlier hopes of a rebound in demand.

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