Baxia Markets
October 29, 2021

The oil price had a surprise slide to its 2-week low amid demand drop

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Oil prices fell to their lowest level in two weeks after official numbers revealed a surprising increase in oil inventories in the United States, and mounting cases of Covid-19 in Europe, Russia, and some outbreaks of infections in China dashed economic recovery prospects. Brent crude fell $1.21, or 1.4 percent, to $83.41 a barrel, after hitting a two-week low of $82.32 earlier in the session and falling 2.1 percent.




Outbreaks of coronavirus infections in China, as well as record deaths and the danger of lockdowns in Russia, as well as mounting cases in Western Europe, have slowed a multi-week increase in oil prices. In the June-September quarter, the US economy grew at its weakest pace in more than a year, owing to a rise of Covid-19 infections, stretched global supply chains, and global shortages of products such as automobiles.


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