LONDON—Oil prices continued to slide on Wednesday on investor worries about the ailing state of the global economy, bearish oil demand signals from OPEC+, and increased restrictions to curb COVID-19 in China.
Brent crude futures for October, due to expire on Wednesday, were down $3.41 at $95.90 a barrel following Tuesday’s $5.78 loss. The more active November contract was down $2.97, or 3.04 percent, at $94.87 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were down $2.89, or 3.15 percent, at $88.75 a barrel by 1044 GMT, after sliding $5.37 in the previous session on recession fears.
“The latest signs of stuttering growth are contracting Chinese factory activity in August and the slower-than-expected expansion of the country’s service sector,” Tamas Varga, analyst at PVM Oil Associates, said….