Oil set for monthly gain before OPEC+ begins cutting output
BNN Bloomberg
Oil fell as weak economic data from China fanned concerns about energy demand, but it was still set for the first monthly advance since May on OPEC+'s planned supply cuts.
West Texas Intermediate futures dipped below US$87 a barrel on Monday after Chinese government figures showed factory and services activity contracted in October. The nation's COVID Zero policy and an ongoing slump in the property market have weighed heavily on the nation's economy this year.
Crude is still up by more than 9 per cent this month after a decision by the OPEC+ alliance to make sizable cuts to output. The curbs take effect from November and are the start of an uncertain period for oil supply heading into winter, with the European Union set to implement sanctions on Russian flows in December.
