Oil Down, After 6% Slump on Economic Concerns By Investing.com

© Reuters.

By Zhang Mengying

Investment.com – Oil fell on Monday morning in Asia due to tight supplies and concerns about slowing economic growth and fuel demand. It fell 6% in the previous session.

fell 0.24% to $112.85 by 12:11 AM ET (4:11 AM GMT) and was down 0.19% to $107.78.

“For now, oil supply disruptions are raising concerns about weaker demand,” ANZ analysts said in a note.

“The fundamental picture remains a tight spot as Russian output continues to decelerate.”

Tight supply remains a concern as the West imposes sanctions on Russian oil. But the impact was mitigated by a US-led move to release strategic oil reserves and boost production from the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

“If Washington maintains its current pace, US strategic inventories will hit a 40-year low of 358 million barrels in October,” ANZ analysts added in the note.

In Libya, oil production remains volatile due to blockades by groups in the east of the country. Libya’s Oil Minister Mohamed Oun told Reuters on Monday that the country’s total production is around 700,000 bpd (bpd). Last week, Libya’s oil production was at 100,000-150,000 bpd.

Adding to concerns about tight supply, exports of oil products from China continued to decline.

on Saturday showed that the country’s gasoline exports fell 45.5% year-on-year and diesel exports fell 92.7% despite sluggish domestic demand.

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