Oil sheds more than $1 as China data disappoints | Reuters
Oil prices dropped for a second session on Monday as weak China economic data triggered concerns about demand at the world's largest crude importer while the head of the world's top exporter, Saudi Aramco, said it was ready to ramp up output.
Brent crude futures fell $1.14, or 1.2%, to $97.01 a barrel by 0631 GMT after settling 1.5% lower on Friday. U.S. West Texas Intermediate crude was at $91.03 a barrel, down $1.06, or 1.2%, after a 2.4% drop in the previous session.
China's economy unexpectedly slowed in July, while refinery output slipped to 12.53 million barrels per day, its lowest since March 2020, government data showed. read more
"The official data suggests that oil demand is weakening as domestic logistics and consumer demand are deterred by the record high oil pump prices," said Heron Lin, an economist at Moody's Analytics.
No comments:
Post a Comment