Oil prices are down but remain near seven-year highs. Falling temperatures in China are causing more worries about the supply of oil in the coming months. China’s crude oil processing rate is at its lowest since May 2020.
- Petrobas, the Brazilian state-owned oil company, claims it has received more demand for fuel than it can produce.
- Brent Crude is up 1.2%, to $85.32 per barrel.
- U.S. West Texas Intermediate is up 1.5%, to $83.71 per barrel.
- Since the start of September, Brent Crude is up 19% and U.S. West Texas Intermediate is up 22%.
*Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.