SINGAPORE: Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand. The OPEC+ cuts, which come ahead of a European Union embargo on Russian oil, will squeeze supply in an already tight market. EU sanctions on Russian crude and oil products will take effect in December and February, respectively. "However, there is obviously still plenty of other uncertainty in the market, including how Russian oil supply evolves due to the EU oil ban and G-7 price cap, as well as the demand outlook given the deteriorating macro picture." Other signs of slowing demand emerged from India, the world's third-largest oil user.

Source: The Star October 10, 2022 21:31 UTC