Skip to main content

MoneyWorks4Me

Crude oil futures end lower amid concerns about outlook for demand

13 Oct 2022 Evaluate

Crude oil futures ended lower on Wednesday, magnifying their previous sessions’ losses, amid concerns about outlook for demand due to slowing global growth. The Organization of the Petroleum Exporting Countries (OPEC) cut its outlook for demand growth this year by between 460,000 bpd and 2.64 million barrels per day, citing the resurgence of China's COVID-19 containment measures and high inflation. OPEC said the world economy has entered into a time of heightened uncertainty and rising challenges.

Benchmark crude oil futures for November delivery fell $2.02 or 2.26 percent at $87.33 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $1.62 or about 1.7 percent to settle at $92.67 (Provisional) a barrel on London's Intercontinental Exchange.