Oil prices pinned near 5-mth low on China woes, US inventory build.
Oil prices moved little in Asian trade on Wednesday, sticking to near five-month lows after a warning on China’s economy rattled markets, while signs of an unexpected build in U.S. crude stockpiles also added to pressure on prices.
Crude prices plummeted over the past six weeks, with a bulk of losses coming in recent sessions after the Organization of Petroleum Exporting Countries and allies largely underwhelmed markets with its plans to cut production further in 2024.
The middling cuts indicated that oil markets will not be as tight as initially anticipated in early-2024. They also came amid growing concerns over worsening economic conditions across the globe, which are expected to result in weaker oil demand through the coming year.