Oil prices retreat amidst weak global demand and supply concerns. By 09:20 ET (13.20 GMT), crude futures trade lower at $67.58 a barrel and $71.11 a barrel.
Israel raids into Lebanon
Israel initiates “limited” raids against Hezbollah in Lebanon, risking escalation in the oil-rich Middle East.
Market remains unfazed due to no impact on oil production despite ongoing conflicts.
China’s economic woes weigh
Crude market struggles in September on concerns over China’s economic weakness.
Chinese shrinks sharply in September, prompting stimulus measures to boost growth.
Brent and WTI experience significant monthly and quarterly declines.
OPEC+ set to meet this week
OPEC+ to hold meeting to discuss output increases by 180,000 barrels per day starting in December.
Group currently cutting output by 5.86 million bpd, industry group to reveal US crude oil stockpile estimates.
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Analysis:
This article discusses the recent retreat in oil prices due to weak global demand and supply concerns. It highlights Israel’s raids into Lebanon and the potential escalation in the Middle East. Additionally, it mentions China’s economic struggles and the impact on crude markets. The article also provides insights into the upcoming OPEC+ meeting and the potential output increases. Overall, it emphasizes the importance of these events on global oil prices and production, which can have significant implications for investors and the general public’s finances.