- Crude oil prices settle lower and are on track for their worst monthly performance since mid-2016, after Russia signaled production would remain high and as concern over the global economy caused worries about demand for crude.
- December WTI crude closed -0.8% at $67.04/bbl while Brent slipped -0.4% to $77.34/bbl, fresh off their third straight weekly declines as sharp losses in global equity markets weighed on demand prospects.
- Russian Energy Minister Novak said over the weekend that he saw no reason to freeze or cut its oil production levels, noting that there were risks that global oil markets could be facing a deficit.
- Also, recent data shows “profits at industrial firms slowed for a fifth month” in China, says Oanda market analyst Craig Erlam. “The impact of tariffs is gradually showing up in the data and this may be lowering people’s growth outlook for the country and weighing on demand expectations.”
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- Now read: 4 Reasons To Buy The Dip In Crude Oil
Original article