Oil extended downtrend on troubled US and Chinese economic data
International benchmarks for crude oil slipped another 2% on Thursday, 11 May 2023 as the debate on raising the debt ceiling in the US hit a standoff, triggering fears of a recession in the world’s largest oil consumer
International benchmarks for crude oil slipped another 2% on Thursday, 11 May 2023 as the debate on raising the debt ceiling in the US hit a standoff, triggering fears of a recession in the world’s largest oil consumer. Meanwhile, the latest reports showed that Chinese bank loans tumbled in April, coupled with the weak PMI reported earlier, showing the country struggles to retain the post-pandemic recovery pace.
Brent dropped $1.43 or 1.9% to close at $74.98/barrel.
WTI fell $1.69 or 2.3% to close at $70.87/barrel.