Both West Texas aand Brent were down on investor jitters about weakening demand and a possible supply boost.
The crude oil market has fallen hard in the early hours of Tuesday, as the markets continue to see a lot of volatility, and of course concerns as it now looks like the Chinese demand dropping is being priced in.
Crude oil prices fell to a fresh seven-month low and U.S. stock indexes slumped, as lingering concerns about global economic growth weighed on commodity and equity prices alike.
OPEC+ delegates have indicated that the producers' group is still planning to increase oil output in October, sources told Reuters. Manufacturing in China, meanwhile, fell to a six-month low in August
Oil futures fell Tuesday as U.S. traders returned from a three-day holiday weekend, with weak economic data from China, the world's largest crude importer, overshadowing continued supply disruptions from Libya.
Oil prices drop as China's weak demand overshadows supply issues in Libya. Bearish outlook as OPEC+ boosts production and U.S. demand hits seasonal lows.
Can OPEC+ production cuts counterbalance China's demand slowdown? Natural gas and oil prices remain on the edge.
Brent oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya.
The oil markets bounced in general in thin holiday trading on Monday, but at this point in time, the markets are essentially “stuck”, as there are so many different external forces being pressed upon them.
Oil prices fall as Saudi Arabia considers cutting October crude prices for Asia amid weak demand, while OPEC+ prepares to boost production.
Top oil exporter Saudi Arabia is expected to cut prices for most of the crude grades it sells to Asia in October after Middle East benchmark Dubai slumped last month, industry sources said on Monday.
OPEC+ supply increase and sluggish U.S. demand weigh on natural gas and oil prices. Discover the key levels to watch.