Cooling Demand

Oil price slump signals a rough reality for economic growth

Jack Inabinet Nov 7, 2023 • 1 min read

Cooling Demand: Oil prices broke August lows and are down 4% amid concerns of slowing demand. Can crypto outperform if the economy continues to worsen?

Oil prices sink on 'demand destruction' worries, weak China exports https://t.co/KMjwqvXbss by @ines_ferre
— Yahoo Finance (@YahooFinance) November 7, 2023

While Chinese oil imports have shown signs of growth, exports contracted faster than expected. Oil prices rebounded in early October in response to renewed conflict between Israel and Palestine, but they’ve been on the decline since the 20th of last month.

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Written by Jack Inabinet

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Analyst at Bankless. Exploring the frontier. I enjoy learning and writing about the hottest topics in crypto, ranging from blockchains to DeFi to RWAs.