May 30, 2023

Dubai Week

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Oil prices fell after disappointing economic data from China

Oil prices fell after disappointing economic data from China

Oil prices fell more than four dollars a barrel on Monday, amid worries about demand and after disappointing Chinese economic data rekindled fears of a global recession. Brent crude futures were down $4.75, or 4.84 percent, at $93.40 a barrel by 12:01 GMT, after falling 1.5 percent at Friday’s close. US West Texas Intermediate crude was down $4.52, or 4.91 percent, at $87.57 after falling 2.4 percent in the previous session. China’s central bank, the world’s biggest crude importer, cut lending rates to revive demand after data showed an unexpected slowdown in the economy in July, along with factory and retail activity due to Beijing’s strict zero-covid policy and a real estate crisis. . The country’s refinery output fell to 12.53 million barrels per day, the lowest level since March 2020. ING Bank cut its forecast for China’s GDP growth in 2022 to 4 percent, down from a previous forecast of 4.4 percent. Also downgrade option. Analysts said the focus on Monday was on negotiations to renew the Iran nuclear deal, as oil supplies could increase if Tehran and Washington accept the European Union’s proposal to lift sanctions on Iran’s oil exports.

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