06 Oct, 23

Oil Prices Set For Their Sharpest Weekly Drop In Six Months

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Crude oil prices were set to record their sharpest weekly decline since March, pressured by demand concerns despite OPEC+’s decision to continue constraining supply. Since the start of the week, Brent crude has shed close to 12% and West Texas Intermediate has declined by almost 9%. The crash, which seemed to be sparked by the EIA’s report of weak U.S. gasoline demand, led to a rapid change in market sentiment. The decline was also tied to a bond market selloff that sparked worry about the prospects of the global economy and, by extension,…

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