Categories Consumer, Retail, U.S. Markets News

China growth slump pulls down oil prices

On January 22, Tuesday, oil prices slipped more than 1% after signs of economic slowdown in China became evident. This concern caused a ripple effect, casting a shadow of doubt on the demand for fuel and global growth.

On Tuesday morning Greenwich Mean Time, International Brent oil futures fell 1.28% to $61.94 a barrel, while US West Texas Intermediate (WTI) crude futures slipped 1.19% to $53.16 a barrel.

This came just a week after reports that China’s economy might slow to 6.3% in 2019 due to weakening domestic demand. The US tariffs added to the Asian countries woes. This expected growth of the Chinese economy would be the lowest in 2018.

The economy was expected to grow 6.6% in 2018, while it grew 6.9% in 2017.

With talks between the US and China resuming, many have been optimistic about a further suspension in planned tariff hikes which was expected this month.

Analysts also say that with domestic headwinds remaining strong, the economy is expected to soften further. In the fourth quarter of 2018, growth fell to 6.4%. It was 6.8% in the first quarter.

However, the world’s foremost exporter of oil Saudi Arabia on Monday announced that its November crude oil exports jumped to 8.235 million bpd from 7.700 million a month ago. This is an indication os no supply shortage in some markets.

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Most Popular

PEP Earnings: All you need to know about PepsiCo Q1 2021 earnings results

PepsiCo Inc. (NASDAQ: PEP) reported first-quarter 2021 earnings results today. Net revenues increased 6.8% year-over-year to $14.82 billion while organic revenue growth was 2.4%. Net income attributable to PepsiCo was $1.7 billion,

The worst seems to be over for Boston Scientific. Is the stock a buy?

The pandemic has had a mixed impact on the healthcare sector since its outbreak more than a year ago, putting the emergency care department into overdrive while slowing down the

Two areas that provide Pfizer (PFE) with ample opportunity for future growth

Shares of Pfizer Inc. (NYSE: PFE) have gained over 8% in the past one year. Pfizer is at the forefront of the COVID-19 vaccination drive and it has established a

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top