WTI crude oil prices are trading weaker at the start of a new trading week as concerns of a potential slowdown in the global economy come to the fore once again. At the time of writing. WTI crude oil is trading around $53.63 per barrel as weaker demand weighs on oil markets.
Crude oil has also been weighed down by reports of excess supply, with Russia reporting that it processed more oil than expected despite the weakening demand, in order to compensate for the upcoming winter. OPEC and its allies had previously agreed to curb crude production by 1.2 million bpd to offset the slide in demand for oil in global markets.


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