Oil drops on signs of lower demand

World oil prices fell on Tuesday morning, with experts noting signs of a drop in demand for this raw material.

Report informs citing the auction data that the price of November futures for Brent crude fell by 0.28% to $93.74 per barrel, and October futures for WTI dropped by 0.16% to $87.64.

On Tuesday morning, the dynamics of trading in the oil market is negative, due to a decrease in demand for oil in China amid signs of global economic recession and restrictions.

Analysts at Morgan Stanley said they do not expect a sustained rally anytime soon.

Slower growth across all major economic blocs has indicated weaker demand for oil for some time, and this is now also visible in oil statistics. China is more of a cause, they told Bloomberg.

Analysts at Mizuho Bank Ltd. believe that the decline in oil prices may be due to a reorientation ahead of the publication of the consumer price index in the US. Annual inflation in the United States slowed down in August to 8.1% from 8.5% a month earlier.