Oil drops on negative China outlook and inadequate OPEC+ response

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• WTI Oil  falls to a near six-month-low and sees another push to the downside.
• The US Dollar is in the green and books gains against all G10 currencies.
• Oil faces risk of falling to $74 should Wednesday’s EIA stockpile numbers point to an even bigger build.

Oil prices are selling off as one of the biggest players on the demand side, China, struggles while OPEC+ remains sidelined. At the beginning of October crude price had to endure a 6% drop in one trading day and this Tuesday it printed another blood red 5% devaluation of the benchmark Oil price. The decline accelerated when the overnight American Petroleum Institute (API) numbers revealed a big build in stockpile of 11.9 million barrels.