"Crude oil prices are trading lower as October concludes, extending a three-month losing streak with WTI crude hovering around USD 60 per barrel. The market could remain exposed to demand concerns. In this regard, Chinese manufacturing PMI contributed to the concerns as it fell to 49.0 in October, lower than expected, and marked a seventh consecutive month of contraction. At the same time,"
"oversupply concerns continue to weigh on sentiment. US output recently hit a record 13.6 million bpd, contributing to a potential glut. All eyes are now on the upcoming OPEC+ meeting scheduled for this Sunday. The organization is already unwinding earlier voluntary cuts and is expected to approve another gradual production hike, restoring more barrels to the market and capping potential price rallies."
Crude oil prices declined for a third consecutive month, with WTI near USD 60 per barrel. Chinese manufacturing PMI fell to 49.0 in October, marking a seventh straight month of contraction and intensifying demand worries. US production reached a record 13.6 million bpd, raising oversupply concerns and the prospect of a market glut. OPEC+ is unwinding earlier voluntary cuts and is expected to approve gradual production hikes at its upcoming meeting, which could restore barrels and limit price rallies. The EIA reported a 6.9 million-barrel crude draw, leaving US stocks about 6% below the five-year seasonal average.
Read at London Business News | Londonlovesbusiness.com
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