WASHINGTON (dpa-AFX) - Oil prices fell sharply on Thursday amid concerns about outlook for energy demand, and on reports about a tentative deal between rail road union and its workers to avert a potentially disastrous rail strike in the U.S.
Growth in global crude oil demand continues to decelerate, weighed down by renewed Chinese lockdowns and an ongoing slowdown in the OECD region, global energy body International Energy Agency said in its latest report.
West Texas Intermediate Crude oil futures for October ended lower by $3.38 or about 3.8% at $85.10 a barrel, the lowest settlement since September 8.
Brent crude futures were down $3.38 or 3.59% at $90.72 a barrel a little while ago.
The International Monetary Fund said downside risks continue to dominate the global economic outlook. Although some countries are expected to slip into recession next year, the IMF is not certain if their will be a widespread global receession.
Data from the Energy Information Administration (EIA) on Wednesday showed that crude inventories in the U.S., the largest consumer in the world, increased by 2.4 million barrels in the week ended September 9th, suggesting weaker fuel demand.
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