# Oil prices slump again, hit by demand concerns  - The Business Times

> Brent futures settled down $2.82 at $96.49 and WTI fell $2.09 to $89.55 on Wednesday, as worries about slowing global growth and renewed COVID-19 restrictions in China weighed on prices. Output from OPEC and the U.S. has reached its highest levels since early in the pandemic.

- Date: 2022-08-31 · published 2022-08-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/40196-oil-prices-slump-again-hit-by-demand-concerns-the-business-times
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker demand and rising supply push crude lower, reducing energy and fertilizer costs and pressuring biofuel-linked vegetable oil demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- businesstimes.com.sg: https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-prices-slump-again-hit-demand-concerns

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.