Saudi Arabia's signal from two weeks ago that OPEC+ could decide to cut production at any time, in any form, managed to lift Brent oil prices to above $100 per barrel for around a week.   

But this week, fresh lockdowns in China, intensified fears of recession, and guidance that the Fed will continue with the large key rate hikes sent oil prices tumbling to the low $90s.    

While OPEC insists that oil demand is robust and will be so through the end of the year, data suggests that demand in the world's top oil importer, China, has been weak this summer amid COVID lockdowns and slowing factory activity. 

Overall Asian crude imports are estimated to have slowed in August from July, with imports in India, the world's third-largest crude importer, also down month on month, according to Refinitiv Oil Research data cited by Reuters' Asia Commodities and Energy Columnist Clyde Russell.