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Crude oil is headed for longest slump since 2020 amid growth concerns

Bearish sentiment is mounting amid slowing economic growth for major oil consumer China while Fed officials reaffirmed their commitment to raising interest rates to cool rapid inflation

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Photo: Bloomberg

Julia Fanzeres and Devika Krishna Kumar | Bloomberg
Oil is headed for a third monthly decline, the longest losing run in more than two years, on concern that tighter monetary policy and China’s economic slowdown will impact crude demand. 

West Texas Intermediate dropped as much as 3.4 per cent to trade below $90 a barrel, putting it on course for a monthly decline. Bearish sentiment is mounting amid slowing economic growth for major oil consumer China while Fed officials reaffirmed their commitment to raising interest rates to cool rapid inflation.

“This morning’s price weakness is a summation of overall sentiment for the month of August, in which rising central bank

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First Published: Aug 31 2022 | 11:41 PM IST

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