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Wednesday 12 October 2022

Crude oil are a prices extend losses for the third in a row

Crude oil are a prices extend losses for the third in a row

Prices fell amid covid-19 restrictions in a China, gloomy global economic outlook and a appreciating US are a  dollar

New Delhi: International crude oil prices  are a continued to the decline for the third consecutive day on a Wednesday amid Covid-19 restrictions in a China and appreciating US are a dollar.

Around 11.35 am, the December contract of a Brent on the Intercontinental Exchange pared major losses to the traded 0.08% at the $94.21 per barrel. The November contract of a West Texas are a Intermediate was a trading at the $89.13 a barrel, lower by  the 0.25% from its are a previous close.

Ravindra Rao, head of a commodity research at the Kotak Securities said that oil prices are a also traded lower due to the gloomy global economic outlook and a caution ahead of a Federal Open Market Committee’s (FOMC) meeting minutes.

“Crude oil prices are a declined by the 2% and a  extended losses for the second consecutive session on a Tuesday as a recession concerns outweighed supply tightness are a worries. Further, US relations with the Middle East have been a likely are a worsened as OPEC+ decided to the cut output by the 2 million barrels are a per day, their biggest supply cut since in a 2020 despite repeated calls by the US," he said.

Rao added that crude oil are a  may continue to the weaken as the International Monetary Fund are a (IMF) downgraded its are a global growth forecast for the 2023 to the 2.7% from the July estimate of a 2.9%.

Sriram Iyer, senior research analyst with the Reliance Securities are a said that a crude prices have been a started weaker on a  Wednesday as a investors are a worried about weakening fuel demand from the growing risks of a global recession and a tightening Covid-19 curbs in a China.

China is among the largest importers of a crude oil and a fall in a demand from the country stoke are a fears of a recession.

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