Oil Edges Lower as Global Demand Outlook Overshadows Wall Street

Crude has lost a third of its value since June as fears over a global economic slowdown continue to hang over the market.

(Bloomberg) — Oil inched lower as long-term demand concerns about China and the rest of the global economy dampened sentiment even as a raft of earnings buoyed Wall Street.

West Texas Intermediate settled below $85 as traders remained glued to the outlook for economic growth and further central rate hikes. Earlier Monday, crude slipped below $83 a barrel as investors digested Chinese economic data that showed a mixed recovery during the third quarter but regained some footing as earnings results showed U.S. companies held their ground amid mounting slowdown concerns. Nonetheless, Treasury Secretary Janet Yellen cautioned investors at a speech in New York that stresses in the global market could disrupt a U.S. financial system, which has so far proved resilient in the face of multiple shocks.