News Snapshot:
Crude oil prices slumped on Monday due to disappointing economic data from China, the world’s largest crude importer and second-largest crude consumer. The sharp fall in oil prices is further exacerbated by the news of a potential breakthrough in nuclear power negotiations with Iran, easing the pressure on crude oil markets. According to data from Oilprice.com, the Brent crude and WTI plunged by about 5% in Monday’s trading to close at $94.18 per barrel and $88.18 per barrel respectively. China’s disappointing economic data The drop occurred after China’s Central Bank announced a surprise cut in lending rates on the back...
