Oil drops due to weak China figures, concerns of weaker oil ...| MENAFN.COM

Friday, 07 October 2022 04:12 GMT

Oil drops due to weak China figures, concerns of weaker oil demand


(MENAFN) Oil costs continued the falling trend on Tuesday over increased worried of slower oil request and a worldwide financial recession due to bearish figures from China, the world's second-biggest economy.

International main Brent crude sold at USD93.96 a barrel at 09.58 AM regional time (0658 GMT) for a 1.19 percent decline from the end price of USD95.10 per barrel in the prior trading session.

American main West Texas Intermediate (WTI) stood at USD88.59 a barrel at the same time for a 0.91 percent fall following the prior session ended at USD89.41 per barrel.

China's central bank suddenly reduced rates to grow the economy impacted by COVID-19 sanctions and a property downturn.

The bank declined the medium-term lending rate by 10 basis points to 2.75 percent from 2.85 percent, as shown by an announcement by the People’s Bank of China.

In line with weaker-than-estimated industrial output and retail sales expansion, China’s crude oil output in July declined to its worst rate since March two years ago.

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