A third day of losses hit oil markets on Wednesday, as prices continued their downward slide fueled by investor anxiety. A planned output hike from OPEC+, coupled with cooling demand signals from key economies in the U.S. and Asia, weighed heavily on the market. Brent crude for December delivery dropped by 56 cents to $65.47 a barrel, while WTI crude for November fell 53 cents to $61.84. The benchmarks, which had already fallen significantly at the start of the week, are now at their lowest point in almost a month. Further adding to market uncertainty, PVM Oil Associates analyst Tamas Varga highlighted supply and export disruptions in Russia caused by Ukrainian assaults as another factor affecting prices.
Note by. Alessandro Bazzoni