- WTI is trading near $86/Bbl this morning amid concerns about weaker demand
- Fears of economic slowdown and weak Chinese demand continue to weigh on crude prices
- Major Chinese cities, including Shanghai, Shenzhen, and Zhengzhou, ramped up COVID testing and introduced new curbs amid a spike in infections
- China reiterated its stance on a strict Covid zero policy
- Chinese President Xi praised the nation's Covid zero policy during his speech at the 20th Communist Party congress, sending a message that China will keep up the policy despite its detrimental impact on the economy
- China is expected to release 3Q22 trade and economic data this week, which should provide further insight into how the policy has affected the country's economy and crude demand
- OPEC+ member states endorsed the group's decision to cut output after the White House accused Saudi Arabia of coercing other member nations into supporting the decision (Reuters)
- The UAE's energy minister said in a tweet that the decision was "unanimously approved" and a "pure technical decision, with no political intentions whatsoever"
- Iraq's state oil marketer also made a statement saying there is "complete consensus among OPEC+ countries"
- Kuwait Petroleum Corporation's CEO, Nawaf Saud al-Sabah, also said that the country was eager to maintain a balanced oil market