Brent declines over 1% amid demand concerns

Economies.com
2023-11-13 13:39PM UTC

International benchmark Brent lost over 1% on Monday, resuming losses after a two-day hiatus, rebounding from four-month lows on global demand concerns.

 

Such concerns are persisting due to weak Chinese data, and a potential US policy tightening measure in December. 

 

Brent 

 

Brent fell 1.1% to $80.45 a barrel, after rising 2.2% on Friday, the second profit in a row, moving off four-month lows at $79.24. 

 

Brent lost 4.1% last week, the third weekly loss in a row as markets focus on weak demand in the US and China.

 

US Demand 

 

Initial data showed the US crude inventory rose to three-month highs, in a negative sign for demand in the world's largest fuel consumer. 

 

Fed Chair Jerome Powell has recently opened the way for another potential interest rate hike in December. 

 

Chinese Demand 

 

Recent Chinese data showed consumer prices slowed down in October, hitting Covid 19 Pandemic-lows, in turn renewing concerns about fuel demand and recovery. 

 

Additionally, Chinese refineries has requested less supplies from Saudi Arabia in December than in the previous month. 

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