Business
Oil prices fall as China demand outlook falters
The prices of crude oil plummeted more than 1 per cent on Monday for a third session, after official data revealed refining and economic activity slowed in China.
Brent crude was down 90 cents, or 1.3 per cent, at $69.69 a barrel by 0649 GMT. U.S. oil dropped by 97 cents, or 1.4 per cent, to $67.47 a barrel, Reuters reported.
In July, factory output and retail sales development slowed sharply in China, losing prospects as fresh outbreaks of COVID-19 and flooding disrupted business activity.
READ ALSO: Oil accounts for 10% GDP, 86% export earnings – Sylva
Reuters quoted Commerzbank as saying “Concerns about the spread of the Delta variant in China and the effects this will have on oil demand are continuing to weigh on pREADrices”.
Reuters also quoted a market analyst at CMC Markets in Singapore, Kelvin Wong, as saying “Oil futures weakness is likely triggered by weaker than expected growth data from China, which is a major consumer of oil.”
“All in all, the global peak growth narrative has been intensified,” Mr Wong said.
-
Business1 week agoThe CBN’s Exposure Draft on Holding Companies of Banks: Matters Arising
-
Comments and Issues1 week agoEkiti 2026: Will INEC redeem self or slide further?
-
Latest1 week agoTinubu Grants Customs Boss Adeniyi Final Six-Month Extension to Oversee Single Window Project, Succession
-
Latest7 days agoAPC’s Asogwa wins Enugu North senatorial by-election by wide margin
-
News1 week agoYiaga Africa Flags Discrepancies in Ballot Papers of Ekiti Governorship Poll
-
Latest7 days agoAPC, PDP clinch key by-elections as INEC declares winners in Kano, Rivers
-
Football1 week agoWorld Cup group stage heats up as Germany face Ivory Coast, Netherlands meet Sweden in crucial fixtures
-
Latest1 week agoOyebanji extends lead as APC dominates Ekiti governorship race with 91% of results uploaded