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

SourceForbes
SectorFinancial Markets
CountrySaudi Arabia

Oil prices declined sharply on Tuesday, September 8th, after holding for weeks in a tight range. AFP via Getty Images 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 ...read more...