The value of oil futures fell on fears of a slowdown in China’s economy.
The value of world oil prices fell sharply on Monday, August 15, against the backdrop of Chinese economic data, Reuters wrote.
function news4505905() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4505905&lang=2&IsAjax=true’, function (data) { $(‘#nk4505905’).html(data); });
}
news4505905();
For example, futures for Brent crude fell $4.75, or 4.84%, to $93.4 a barrel, while West Texas Intermediate oil fell $4.52, or 4.91%, to $87.57.
The central bank of China, the world’s biggest crude importer, cut lending rates to revive demand as data showed the economy slowed unexpectedly in July.
In particular, the growth of retail sales and industrial production in China in July turned out to be weaker than analysts’ forecasts.
Retail sales rose 2.7% yoy instead of the expected 5%, and industrial production growth slowed to 3.8% compared to 3.9% in June, although analysts’ consensus forecast for the indicator it suggested a growth of 4%. .6%
As reported, in July, global oil supplies reached a post-pandemic high and reached 100.5 million barrels per day.
News from Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.