In the world of oil trading, prices fell on Friday as signs of weak demand in China, the largest importer of crude oil, dampened market sentiment. Brent futures dropped 0.9% to $71.91 a barrel, while U.S. WTI crude futures were down 0.9% at $68.08.
Concerns over China’s slow economic recovery and the prospect of increased oil supplies from the U.S. and OPEC+ have kept prices under pressure. The International Energy Agency also indicated that global oil supply could outpace demand in the coming years, adding to the bearish outlook.
China’s oil refiners processed less crude in October compared to a year earlier, reflecting ongoing demand challenges in the country. The Energy Information Administration reported a significant rise in inventories last week, further adding to market jitters.
Overall, the combination of weak demand, surplus supply, and economic uncertainties continues to weigh on oil prices, making it a challenging environment for investors.