Oil falls on weak Chinese industrial data - Reuters:
Oil prices fell on Monday after strong gains last week, as data released in China reinforced signs that its economy is slowing, though progress in China-U.S. trade talks has supported prices.
Brent crude was down 32 cents, or 0.5%, at $61.70 a barrel by 0933 GMT, having gained more than 4% last week, its best weekly gain since Sept. 20.
West Texas Intermediate (WTI) crude was down 33 cents, or 0.6%, at $56.33 a barrel, after rising more than 5% last week, also the biggest weekly increase since Sept. 20.
Profits at Chinese industrial companies fell for the second straight month in September as producer prices continued their slide, highlighting the impact of a slowing economy and protracted U.S. trade war on corporate balance sheets.
No comments:
Post a Comment