TokyoTokyo Mon - Fri 10:00-18:00 +81 (368) 662-975
info@mountequitygroup.com

Oil prices slide on worries over China economy and higher crude output

Mount Equity Group Tokyo, Japan > News > Markets > Oil prices slide on worries over China economy and higher crude output

A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS/Max Rossi/File Photo

  • China July factory activity grows at slowest pace since Feb 2020
  • OPEC July oil output hits 15-month high – survey
  • U.S. will not lock down despite coronavirus surge, Fauci says

SINGAPORE, Aug 2 (Reuters) – Oil prices fell by more than $1 on Monday on worries over China’s economy after a survey showed growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers.

Brent crude oil futures skidded $1.12, or 1.5%, to $74.29 a barrel by 0156 GMT while U.S. West Texas Intermediate (WTI) crude futures dropped 97 cents, or 1.3%, to $72.98 a barrel after slipping to a session low of $72.87.

“China’s been leading economic recovery in Asia and if the pullback deepens, concerns will grow that the global outlook will see a significant decline,”…

Read more…