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