Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022.
The U.S. Energy Information Administration (EIA) said last week crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall.
That is "not a prospect that crude oil will welcome given that recent data in China and the U.S. has brought growth fears back to the surface," he said.
Weak economic data last week from China, the world's biggest crude oil importer, increased fears of faltering demand.
Additionally, refiners in China asked for less supply from Saudi Arabia, the world's largest exporter, for December.
Persons:
magnifier, Dado Ruvic, Baker Hughes, Brent, Hiroyuki Kikukawa, Jerome Powell, Tony Sycamore, Kikukawa, Yuka Obayashi, Colleen Howe, Lincoln, Bernadette Baum
Organizations:
REUTERS, U.S . Federal, U.S . West Texas, NS, Nissan Securities, U.S . Energy Information Administration, IG, U.S, Organization of, Petroleum, Thomson
Locations:
BEIJING, United States, China, U.S, Iraq, Israel, refiners, Saudi Arabia, Russia