Oil Prices Plunge To Six-Month Low As New Data Shows China Economy Unexpectedly Deteriorated Last Month Forbes Africa


Source: forbesafrica.com forbesafrica.com

Key Topics in this News Article:

News Snapshot:

TOPLINE Oil prices plummeted to the lowest level in months on Monday morning after worse-than-expected data from China showed its economy unexpectedly slowed last month—fueling concerns that weaker market conditions could temper oil demand and potentially spark a global recession this year. KEY FACTS The price of West Texas Intermediate slipped more than 5% Monday to $87 per barrel—its lowest level since January—while international benchmark Brent crude also fell more than 5% to a six-month low of about $93 per barrel. The plunge came after overnight data from China showed the nation’s economy slowed in July amid ongoing Covid lockdowns,...