Demand for Oil Declines

Concerns over China’s economy and Russia’s high production increased the global supply glut and caused oil prices to fall when the London market opened on Monday, Nov 2nd. Brent was down $.85 and U.S. Crude prices fell $.75. China, the world’s second largest economy, showed falling factory activity for the eight straight month in October. On the supply side Russia reported a record breaking 10.78 million barrels per day production in October.