Oil prices dropped 4% to a low of 3 months!


 According to Reuters, crude oil prices have dropped more than 4% to the lowest level since the end of July.

This situation was seen following the combination of China's economic data, an increase in OPEC exports and concerns over global demand for black gold.

In addition, American oil inventory has increased nearly 12 million barrels last week. This will reduce the demand as America is one of the largest oil consumer countries in the world.

Similarly, China's economic data that is alarming, is also feared that it will affect demand projections.

Brent crude oil was seen as a decrease of 4.2% from $ 84 a barrel to $ 81.61 a barrel. Meanwhile, US West Texas Intermediate crude oil set prices at $ 77.37 USD a barrel, down $ 3.45 (4.3%).

Oanda analyst Craig Erlam predicts investors will continue to be vigilant for all possible regional conflicts that can potentially disrupt crude oil supply.

UBS analyst Giovanni Staunovo reported that the Organization of Petroleum Exporting Countries (OPEC) had increased pressure on oil prices.

He added that OPEC has exported one million barrels a day since the lowest level in August due to high Middle East domestic demand.