Crude oil tumbles as US factory data deepens demand concerns

October 19, 2021 01:36 PM AEDT | By Arpit Verma

Crude oil tumbles as US factory data deepens demand concerns — Image source: © Emeraldgreen | Megapixl.com

Oil’s bullish sentiments

The rising energy demand and the outcomes of the OPEC meeting, held this month kept the sentiments for oil bullish. OPEC+ has faced pressure from various member countries to increase supply to the market as demand for crude oil has rebounded significantly in various parts of the world.

Prime Minister of Japan said that Japan would urge oil producers to ramp up their production to cool down the skyrocketing prices of energy costs in the industry.

Oil’s bullish drive

China's third-quarter economic growth has been dropped to the lowest level in the year due to power shortages in the country and sporadic outbreaks of COVID-19.

Bottom Line

Crude oil prices tumbled on Monday after surging to multi-year high levels as the US industrial output for September tumbled which has tempered enthusiasm about the demand.

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