Oil declines on recession fears; Brent below $97

Oil drilling rigs

Oil closed lower today, Oct. 10, amid concerns about slowing demand for crude as global economic recession fears intensified.

Oil failed to maintain the gains it made over the past five days, following the OPEC+ decision to reduce crude production by two million barrels per day starting from next November.

Fitch Ratings in a report said that the OPEC+ decision to reduce oil production will have a slight impact on the crude market, because the actual cuts will be less.

Meanwhile, the heads of the International Monetary Fund and the World Bank today warned of increased risks of a global economic recession next year, with the inflation crises and the Russian invasion of Ukraine.

International benchmark Brent crude for December delivery declined 1.8%, or $1.73, to reach $96.19 a barrel.

WTI crude for November delivery also fell 1.6%, or $1.51, to $91.13 a barrel.