Crude prices fall as China's economic activity slows
Oil futures prices fell on Monday as updates on China's economic activity indicated a slowing demand for the commodity. The development comes as central banks, investors, and analysts warn about a possible economic recession that will contribute to a further contraction in demand.
The world's second-largest oil consumer unveiled on Saturday that services activity for September descended for the first time in four months as COVID-19 restrictions hit business confidence. Besides, Shanghai authorities announced earlier on Monday that all incoming passengers would have to take three COVID-19 tests within the first three days of arriving in the city.
West Texas Intermediate (WTI) for settlements in November fell by 0.91% at 7:51 am ET to sell for $91.71 per barrel. At the same time, for settlements in December, Brent went down 0.91%, selling for $96.95 per barrel.