Oil slips on fears over slowing China demand | Reuters
Oil edged lower on Monday as worries over slowing demand in China balanced support from concern over tight global supply and the deepening Ukraine crisis.
China's economy slowed in March as consumption, real estate and exports were hit, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war. read more
Brent crude fell 19 cents, or 0.2%, to $111.51 a barrel at 0825 GMT, sliding from the highest since March 30 of $113.80 hit earlier in the session. U.S. West Texas Intermediate was down 19 cents, or 0.2%, at $106.76.
"Some Asian investors booked profits as they became worried about slowing demand in China," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
No comments:
Post a Comment