Oil dips as concerns about China spur volatility across markets
BNN Bloomberg
Oil edged lower in a volatile session where sentiment was being driven by renewed worries surrounding China's property sector.
West Texas Intermediate fell as much as 1.5 per cent, before paring those declines. Global markets earlier struck a risk-off tone on concerns around the debt of some developers, before rallying on news that one, Country Garden Holdings Co., is seeking to extend a maturing bond for the first time.
Crude has risen by about a quarter since its lows in June as OPEC+ linchpins Russia and Saudi Arabia curtailed supply. That's helped push the market into a deficit of more than 2 million barrels a day this quarter, the producer group has estimated. Rising risks to flows of Russian crude through the Black Sea due to the war in Ukraine have also aided the gains.
