Brent settles lower on demand concerns

Oil drilling rigs

Brent crude closed lower today, Oct. 17, as demand concerns persisted in addition to weak supply fears.

Chinese President Xi Jinping did not announce any changes to the Zero COVID policy during the Communist Party Congress. The policy is said to have slowed economic growth this year as lockdowns continue to prevent the spread of the coronavirus.

China also postponed the announcement of gross domestic product (GDP) data for the Q3 2022, without giving the reason for the delay or providing any information on the new date.

Investors are also awaiting developments in the supply of oil, after the OPEC+ alliance announced a plan to reduce crude production by two million barrels in November.

Brent crude futures recorded a slight decrease to reach $91.62 a barrel upon settlement.

WTI crude rose 0.2%, or 15 cents, to $85.46 a barrel.