Oil Prices Decline Amid Weaker Demand Outlook from China
Oil prices dropped by around two percent at the close of trading, driven by diminishing investor expectations for demand growth from China, the world’s largest oil importer. Brent crude futures fell by $1.36, or 1.7 percent, to settle at $79.68 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures…
Oil prices dropped by around two percent at the close of trading, driven by diminishing investor expectations for demand growth from China, the world’s largest oil importer.
Brent crude futures fell by $1.36, or 1.7 percent, to settle at $79.68 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures declined by $1.51, or 1.9 percent, to $76.65 per barrel.
By the end of last week, Brent crude had settled at $79.66 per barrel, while WTI finished at $76.84 per barrel.
