Oil fell for a third day as demand concerns continue to escalate and the dollar rose, joining a selloff of assets from equities to metals.
Oil fell for a third day as demand concerns continue to escalate and the dollar rose, joining a sell-off of assets from equities to metals.
Investors are focusing on tighter monetary policy around the world, which could crimp economic growth and eventually hit oil demand. The lockdown of the Chinese megacity of Chengdu to contain a COVID-19 outbreak added to the negative sentiment. Oil declined by more than 20 per cent in the three months through August, overturning all of the gains since Russia’s invasion of Ukraine at the end of February. It has prompted Saudi Arabia to signal that the Organization of Petroleum Exporting Countries and its allies could cut supply. The group is scheduled to gather on Monday to discuss output policy.
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