Oil Prices Collapse As Demand Recovery Stalls, With Market “Now Seriously Worried“

Oil Prices Collapse As Demand Recovery Stalls, With Market “Now Seriously Worried“

Oil prices declined sharply on Tuesday, September 8th, after holding for weeks in a tight range.



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Global crude oil prices fell sharply on Tuesday, building on several days of losses, in the face of a stalled U.S. recovery in gasoline demand, Saudi Arabia's move to cut prices of its oil sales contracts even as OPEC+ prepares to increase output, and a looming slowdown in Chinese imports of crude oil.

"Today's oil price move is a clear sign that the market now seriously worries about the future of oil demand," said Paola Rodriguez-Masiu, an analyst at consultancy Rystad Energy. It is no longer just "a bearish-bullish daily trading game that sends prices swinging."

The price of U.S. crude