Crude oil extends slide on recession worries, OPEC uncertainty

Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.

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Crude oil prices continue to slide on Wednesday, a day after a Russian news report said OPEC+ is not looking at production cuts, contradicting last week's news that reductions might be on the table.

The OPEC+ Joint Technical Committee said it forecasts a 100K bbl/day increase in the oil market surplus from its previous estimate of 900K bbl/day, Reuters reported.

U.S. WTI crude oil for October delivery (CL1:COM) -2.6% to $89.19/bbl, and October Brent crude (CO1:COM) -3.2% to $96.08/bbl.

ETFs: (NYSEARCA:USO), (UCO), (BNO), (SCO), (USL), (DBO)

Oil prices look headed for a third straight monthly decline, the longest losing streak in more than two years, on concerns over tight central bank monetary policy and China's strict COVID lockdowns.

New data from China showed factory activity contracted in August for a second month in a row, and some of China's biggest cities including Shenzhen and Dalian are imposing new lockdowns and business closures.

The American Petroleum Institute reported late Tuesday that U.S. gasoline and distillate stockpiles fell last week, but crude inventories rose by nearly 600K barrels.

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