Oil falls over $3 on demand concerns after OPEC leaves target unchanged; Brent, NYMEX down 4% to hit 1-month lows
Brent crude oil futures were down $3.30, or 3.63 per cent, to $87.62 a barrel, while US West Texas Intermediate crude (WTI) fell $3.29, or 3.69 per cent, to $85.94.
Oil fell by over $3 a barrel on Wednesday, October 4, as demand fears stemming from macroeconomic headwinds offset pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023. The Joint Ministerial Monitoring Committee (JMMC) online meeting of the Organisation of Petroleum Exporting Countries (OPEC) on Wednesday kept the group's output policy unchanged.
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