- Oil‘s rally halts, ending the five-day run of nearly 17% gain
- The U.S. Dollar strengthened this morning
- An expensive dollar (DXY Index) can cause foreign buyers of dollar-denominated commodities to pay more for the same amount of goods
- China's services activity in September contracted for the first time in four months, as COVID-19 restrictions hit already weak demand, showed a private-sector business survey on Saturday
- An official survey published last week also showed services activity slowing
- The slowdown in China, the second-largest oil consumer in the world, adds to rising concerns about a potential global recession brought on by several central banks hiking interest rates to combat inflation
- Saudi Aramco will supply five Asian customers with their full contractual volumes of crude oil for November sales, according to refinery officials who were informed by the producer ((BBG, Reuters)
- Aramco also gave full contractual volumes to at least four European refiners for November ahead of the peak winter season
- The producer is keeping supplies to Asia steady despite likely production cuts by tapping on inventories, said people familiar with the matter
- UAE’s President will visit Russia on Tuesday to meet with President Vladimir Putin, according to announcements from both nations
- The two leaders will discuss regional and international issues of shared interest, according to the UAE's state-run WAM media
- The announcement came less than a week after OPEC+, a group of oil producers that includes the UAE and Russia, agreed on steep oil production cuts in defiance of U.S. pressure