• Oil drops to nearly two-month lows as supply worries subside

    On Monday, as supply worries subsided and worries about China’s gasoline demand and rising interest rates weighed on prices, oil prices remained close to two-month lows. After finishing at their lowest price since September 27, January Brent crude futures had fallen 28 cents, or 0.3%, to $87.34 a barrel by 01:03 GMT.

    Before the contract’s expiration later on Monday, December West Texas Intermediate (WTI) crude futures were trading at $80 a barrel, down 8 cents from the previous day. To reach $79.90 per barrel, the more active January contract decreased by 21 cents. As losses continued throughout the next week, both benchmarks, Brent down 9% and WTI down 10%, closed on Friday at their lowest levels since September 27.

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