WASHINGTON (dpa-AFX) - Oil prices tumbled on Wednesday amid rising concerns about the outlook for demand due to weakening economic growth in China and the end of U.S. summer driving season.
Oil prices were also weighed down by reports that OPEC is planning to restore 180,000 barrels per day of 2.2 million bpd of voluntary production cuts beginning next month.
West Texas Intermediate Crude oil futures for October ended down $1.14 or about 1.6% at 69.20 a barrel, a nine-month low.
Brent crude futures were down $0.55 or 0.75% at $73.20 a barrel a little while ago.
Data on Tuesday showed economic activity in the U.S. manufacturing sector contracted in August for the fifth consecutive month and the 21st time in the last 22 months, raising concerns the world's largest economy is headed for recession.
China's services sector activity slowed in August despite the summer travel peak.
Meanwhile, on the supply side, there are expectations that the political dispute that has halted Libyan exports may be resolved.
Libya's two rival legislative bodies agreed on Tuesday to jointly appoint a central bank governor in a bid to resolve a conflict over control of the country's oil revenue.
Investors await weekly oil reports from the American Petroleum Institute (API), due later today, and the Energy Information Administration (EIA), due Thursday morning.
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