Oil prices slipped over 1% on bleak Chinese economic data.
International benchmarks for crude oil inched down by more than 1% on Tuesday, 15 August 2023 influenced by poor Chinese economic data
International benchmarks for crude oil inched down by more than 1% on Tuesday, 15 August 2023 influenced by poor Chinese economic data along with the inefficiency of Beijing’s unexpected cut in key policy rates.
China’s post-pandemic recovery continues to take significant blows as the nation’s industrial output and retail sales data showed the economy growing slower than expected, magnifying pressure on an already stumbling growth.
To counter the issue, China’s central bank lowered interest rates for the second time in three months on Tuesday by 0.15%, however, analysts believe the cut is insufficient to spark any conclusive changes.
Brent crude dropped $1.32 or 1.5% to $84.89/barrel.
US West Texas Intermediate tumbled down $1.52 or 1.8% to $80.99/barrel.