Oil prices drop on faltering demand outlook in China | Reuters
Oil fell by over 3% on Monday to a one-week low, dropping for a third session after official data showed refining throughput and economic activity slowed in China, an indication that COVID-19 outbreaks are crimping the world's second-largest economy.
Brent crude was down $2.21, or 3.1%, at $68.38 a barrel by 1347 GMT. U.S. oil fell by $2.42, or 3.5%, to $66.02.
Chinese factory output and retail sales growth slowed sharply in July, data showed, missing expectations as flooding and fresh outbreaks of COVID-19 disrupted business activity. read more
China's crude oil processing last month also fell to the lowest level on a daily basis since May 2020 as independent refiners cut production in the face of tighter quotas, elevated inventories and falling profits. China is the world's biggest oil importer. read more
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