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Oil slumped amid soared US crude and concerns about the Chinese demand

By Rana Gharib
16 Nov,2023
Oil slumped amid soared US crude and concerns about the Chinese demand

On Thursday, oil prices continued their downward trend from the previous day as concerns over China's weak energy demand were matched by signs of increased US production.

Brent futures dipped 48 cents at $80.70 per barrel meanwhile US WTI slumped by 53 cents to $76.13 per barrel.

A record-high pace of production in the United States raised concerns about oil prices, exacerbating the already concerning demand picture.

Asia's oil refinery throughput decreased in October from the peak levels reached the month before due to a decline in the demand for industrial fuels and a narrowing of refining margins. Even so, October saw a pick-up in economic activity due to faster-than-expected increases in industrial output and retail sales.

Concerns about China's real estate market were highlighted by data released on Thursday morning, which revealed that October saw a fourth consecutive month of declines in new home prices and a 20.33% year-over-year decline in floor area sales.

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