Oil declines amid demand concerns

01/09/2022 Argaam
Oil drilling rigs

Oil drilling rigs

 

Oil prices continued their decline today, Sept. 1, as dollar rose sparking demand concerns and OPEC+ Joint Technical Committee reduced its forecast for oil market surplus in 2022.

 

Brent crude was trading down 0.65% at $95.02 a barrel, at 9:09 am Makkah time.

 

West Texas Intermediate (WTI) crude fell 0.69% to $88.93 a barrel.

 

Traders were also tracking ship movements through the Suez Canal after a tanker ran aground, interrupting traffic, before it was refloated.

 

In China, lockdown will be imposed on Sichuan, Chengdu, from tonight after a rise in local COVID-19 cases.

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