Oil prices ease on China demand fears

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Home Business Oil prices ease on China demand fears 19-08-2024 09:59 AM Ammon News - Oil prices eased in early Asian trading on Monday as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks. Brent crude futures dropped 13 cents, or 0.2%, to $79.55 per barrel by 0032 GMT. U.S. West Texas Intermediate crude futures slid 13 cents, or 0.2%, to $76.52 a barrel. Both benchmarks fell nearly 2% last Friday as investors tempered expectations of demand growth from China, but ended the week largely unchanged from a week earlier after a batch of U.S. data last week showed inflation was moderating and retail spending was robust. On Thursday, data from China showed its economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial output slowing and unemployment rising. Reuters

Home Business

Oil prices ease on China demand fears

19-08-2024 09:59 AM

Ammon News - Oil prices eased in early Asian trading on Monday as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks.

Brent crude futures dropped 13 cents, or 0.2%, to $79.55 per barrel by 0032 GMT. U.S. West Texas Intermediate crude futures slid 13 cents, or 0.2%, to $76.52 a barrel.

Both benchmarks fell nearly 2% last Friday as investors tempered expectations of demand growth from China, but ended the week largely unchanged from a week earlier after a batch of U.S. data last week showed inflation was moderating and retail spending was robust.

On Thursday, data from China showed its economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial output slowing and unemployment rising.

Reuters

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