- Oil rose slightly on Tuesday morning after a two-day rally following OPEC+'s monthly meeting
- Concerns returned about weaker demand as China's strict covid lockdowns persist amid weaker business activity and apparent oil consumption sinking 9.7% in July to a two-year low
- OPEC+, which consists of OPEC and its allies, agreed to lower its daily production target for October by 100 MBbl/d (BBG)
- The decision on Monday exactly reverses the September hike
- The cartel also said that it would be willing to call another ministerial meeting whenever there were new market developments
- Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, said in an interview after the meeting that "The simple tweak shows that we will be attentive, preemptive, and pro-active in terms of supporting the stability and the efficient functioning of the market to the benefit of market participants and the industry"
- Covid lockdowns have been reinstated in several areas of China per the nation's strict zero Covid policy (Reuters)
- China closed down parts of Guiyang, the capital of the Guizhou province, following a spike in Covid cases
- The city of 6.1 million people was placed under lockdown after 132 new cases were discovered there as China continues to enforce its strict zero Covid policy
- Meanwhile, Chengdu, the southwestern Chinese industrial city, prolonged the lockdown of its 21 million residents through Wednesday
- The southern technology hub of Shenzhen also went into lockdown over the weekend
- China recorded 1,499 new cases across the country on Monday, with the majority of cases occurring in the region of Tibet