On Monday, oil prices declined as a result of lower than anticipated manufacturing activity data from China and worries that the country’s expanding COVID-19 regulations will reduce demand.
By 1240 GMT, Brent crude futures were down 69 cents, or 0.7%, to $95.08 per barrel, continuing Friday’s 1.2% fall.
After falling 1.3% on Friday, West Texas Intermediate (WTI) crude for the United States was down 84 cents, or 0.9%, at $87.06.
However, both benchmarks are expected to post monthly advances for the first time since May.
According to an S&P Global poll, the euro zone’s business activity shrank at the sharpest rate in over two years in October, which raises consumer caution and lowers demand. This suggests that the region is on the verge of going into recession.
Policymakers at the European Central Bank are likewise committed to continuing to raise interest rates, even if doing so causes the region to enter a recession and fuels political unrest.
In spite of the energy shift, the Organization of the Petroleum Exporting Countries (OPEC) warned Monday that $12.1 trillion in investments are required to meet the demand for oil over the medium and long term.