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Oil prices down as China releases weak growth figures

  • Regular
  • Economy
  • 3 months ago
  • 62

Oil has dropped due to the selloff as investors cash in on the 2% made from the previous session and coupled with the worry that demand may slump once more.

However, what has also drove the prices down are the unimpressive data figures from China as the world’s second biggest economy and largest importer of the fossil fuel saw slow retail and industrial output growth figures decline.

Support does still remain as OPEC’s planned production cuts which by the second quarter of next year should create a supply deficit and drive up prices.

Brent crude oil futures fell by 0.6% at $61.09 per barrel while U.S. West Texas Intermediate (WTI) crude futures dropped by 0.2% at $52.47 per barrel.

 

 

Source: Smart Trend Team