LONDON: Price of oil products fell on Monday as investors watched to slowing economic activities in world’s one of the largest economy, China. Media reports that this trend revived a concern about falling global oil demand.
Media reported that services activity in China during September remained limited for the first time in four months as COVID-19 restrictions hit demand and business confidence.
The slowdown in the economy of China adds to growing concerns about a possible global recession.
The OPEC will squeeze supply in an already tight market while EU sanctions on Russian crude and oil products will take effect in December and February.
