Oil Prices Slide to Three-Week Low as Economic Outlook Darkens, Dollar Strengthens

Oil prices extended their slump to a three-week low due to weakening global economic outlook and broader selloff in financial markets.

Deteriorating sentiment across markets has halted oil's rally, as higher interest rate outlook strengthens dollar and makes oil expensive.

ADP data showed US companies added the fewest jobs since 2021 in September, suggesting slowing labor demand.

Despite OPEC+ leaders committing to output cuts until December, oil continued falling.

Gains in Treasury yields and surging dollar index to year-to-date highs continue to pressure oil and other commodities.