10/21, 11:11 AM (Source: TeleTrader)
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Oil holds steady amid global demand, supply interplay

The price of crude was largely stable on Monday, paring some of the losses from earlier in the session, as investors' decisions seemed to be guided by declining demand from the world's largest oil importer, China, on the one hand, and abundant global supply, on the other.

Last week, China reported that its economic growth slowed down to 6% year-over-year, hitting 30-year low and adding to demand worries caused by the US-imposed sanctions on one of COSCO subsidiaries.

Meanwhile, the world’s second-largest producer, Russia, announced on Sunday that in September it missed the production cut target agreed together with OPEC and OPEC+ fellow members last December.

West Texas Intermediate for deliveries in November rose 0.63% at 5:04 am ET to go for $54 per barrel, while international benchmark Brent for December delivery gained 0.15% at the same time, selling for $59.39 a barrel.

Breaking the News / GG