Brent Crude Dips Below $90 Amid Concerns of Weaker Economic Growth. Here's What You Need To Know

Brent crude oil prices fell below $90 a barrel after a two-week rally, driven by concerns about weaker future demand. Factors contributing to the decline included mixed Chinese data, potentially lower winter demand, increased oil output from Iran and Venezuela, and solid US data. The spike earlier in the week was due to supply cuts by Saudi Arabia and Russia, as well as ongoing cuts agreed upon by OPEC+ producers. The strengthening US dollar and weakening economic numbers from the eurozone put pressure on prices. While Chinese crude imports surged, concerns about rising oil output and product exports kept the market in check.