Oil prices fell on Friday and appeared headed for their second weekly loss, as traders worried about weakening demand in China and further hikes to U.S. interest rates.
Brent crude touched its lowest level since late September, and U.S. benchmark West Texas Intermediate crude dropped below $80 a barrel, at one point trading just above $77 a barrel.
Sources say China – the world’s biggest oil importer – is looking to slow crude imports as tight COVID-19 restrictions and a faltering economy have weakened fuel demand.
And aggressive rate hikes by the U.S. Federal Reserve to curb inflation can also rein in demand for oil.
The drop in oil prices comes despite a new round of supply cuts in November by OPEC+, which will meet again on Dec. 4th.
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12 Comments
Rip
👆 – MY PRIVATE PHOTO HERE ❤👩f✅
They will be walking to work in wet shoes shortly ,
by my blood I swear it
BS
Rack up another win for biden!
Prices going down for all the wrong reasons.
Way to go.
Well oil beef hooked
Yep I can’t wait so all that snake shi them oil countries did to America gon come back and bite them and if I was president I wouldn’t give Af and keep pushing towards electric
The EU influenced by Schroder and Merkel to make the Russian deal. The leaders of the EU have no one to blame but themselves.
Where where did they drop what city what state what country where did they drop the LIE never stops the lying never stops at this network television the lying never never stops
Speculators
Don't worry folks – the government will increase the tax on fuel in 2023 to make it 'reassuringly expensive' again.