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12/6/2023, 3:40 PM (Source: TeleTrader)
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Oil drops 2% amid demand concerns

The price of crude oil fell by around 2% on Wednesday as worries concerning demand in 2024 persist. China's manufacturing is still not showing signs of strong recovery, with business activity actually slowing down in November compared to October, according to official data. Rating agency Moody's also cut China's credit outlook to "negative" citing the risk of "persistently lower medium-term economic growth," among other factors. The agency also downgraded Hong Kong's outlook earlier today.

The WTI for settlements in January sank 2.18% to go for $70.63 per barrel, and Brent for deliveries in February lost 1.92%, selling for $75.73 per barrel at 9:40 am ET.

Baha Breaking News (BBN) / DJ