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.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.