Oil slides as investors take profits after report on slowing Chinese economic activity

Services figures during September contracted for the first time in four months as Covid-19 bars hit demand and confidence

Singapore — Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, reignited concerns about falling global fuel demand.

West Texas Intermediate crude for November delivery declined by as much as 1.1% and was at $91.84 a barrel, down 80c, or 0.9%. The slowdown in the economy of China, the world's second-largest oil consumer after the US, adds to growing concerns about a possible global recession triggered by numerous central banks raising interest rates to combat high inflation rates.

Innes was referring to the possibility of additional releases from the US Strategic Petroleum Reserve next month in response to the decision last week by Opec and allies including Russia, known as Opec+, to lower their output target by 2-million barrels per day.The Opec+ cuts, which come ahead of a EU embargo on Russian oil, will squeeze supply in an already tight market. EU sanctions on Russian crude and oil products will take effect in December and February, respectively.

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