Crude Oil Falls On Rising Demand Worries

31 Oct 2022 , 02:38 PM

Crude oil is down nearly 1% on Monday amid demand concerns following weak data from the largest crude importer, China. Manufacturing sector in China fell into contraction territory in October, the National Statistics Bureau said on Monday with a manufacturing PMI score of 49.2, down from 50.1 in September. It also slips beneath the boom-or-bust line of 50 that separates expansion from contraction. The bureau also said that its non-manufacturing index fell to 48.7 from 50.6, while its general composite PMI sank to 49.0 from 50.9. Further, adding to concerns, strict COVID-19 curbs in China have dampened economic and business activity, curtailing oil demand. WTI crude oil futures are currently down nearly 1% at $87.19 per barrel. Powered by Commodity Insights