EconomyOil prices fall on weak economic data

Oil prices fall on weak economic data

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Oil prices tumbled more than $2 on Tuesday as disappointing economic data from China, the biggest buyer of crude, reignited fears of a global recession and as the market waited for more clarity in talks to revive a deal that would allow more oil exports from Iran. Brent crude futures were down $2.47 to $92.63 a barrel at 3:50 pm, after hitting $95.95 earlier. U.S. crude futures fell $2.60 to $86.81 a barrel, after previously rising to $90.65. Both benchmark contracts were down about 3% in the previous session. China’s central bank cut loan interest rates to revive demand as the economy unexpectedly slowed in July, with factory activity and retail sales falling due to Beijing’s strict zero-covid policy and housing crisis. “Commodity prices around the world came under pressure as Chinese economic data for July painted a bleaker-than-expected picture of growth, prompting further concerns about demand prospects,” said Yip Junrong, a market expert at the IG Group. in the letter. Investors are closely following talks to revive the 2015 Iran nuclear deal. Analysts say more oil could enter the market if Iran and the United States agree to a European Union proposal to lift sanctions on oil exports. from Iran. The market is also awaiting data on US crude oil inventories to be released later today by the American Petroleum Institute. A preliminary Reuters poll showed U.S. crude and gasoline inventories were expected to decline last week, while distillate inventories rose.

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Source: Al Ittihad

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Cathy
Cathy
I am Cathy Jenkins, an experienced news writer and author at News Unrolled. I specialize in opinion pieces and the trending section. With over 7 years of experience in the industry, I have become well-versed in crafting stories that are both informative and engaging.

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