Arab Today, arab today oil sinks as china fears roil markets
Last Updated : GMT 16:25:41
Arab Today, arab today
Arab Today, arab today

Oil sinks as China fears roil markets

Arab Today, arab today

Arab Today, arab today Oil sinks as China fears roil markets

Crude oil prices
New York - AFP

Crude oil prices sank Monday after a plunge in Chinese equities raised fresh fears about China's faltering economy, the largest consumer of energy, and its impact on the global economy.

The Shanghai stock market's 8.5 percent dive Monday, its steepest in eight years, roiled markets worldwide, hammering stocks, the dollar and commodities.

Oil prices struck new six-year lows in the sell-off as concerns mounted about demand in China, the world's second-largest economy and consumer of crude oil after the United States.

"The petroleum markets are extending last week's decline along with global equity markets on Monday as worries over slowing Chinese economic growth intensified," said Tim Evans, energy markets strategist at Citi Futures.

"The drop in prices is also sparking some bargain hunting that has helped trim losses, but it's far from clear that a bottom is at hand."

Around 1530 GMT, US benchmark West Texas Intermediate (WTI) for October delivery was down $1.82 at $38.63 a barrel, striking a level last seen in February 2009.

Brent North Sea crude for October, the international benchmark, plummeted $2.18 to $43.28 a barrel in London, its lowest level since March of that year.

"For the first time since March 2009, Brent costs less than $45 per barrel and WTI less than $40 per barrel," said Commerzbank analysts in a research note to clients.

"There is no end in sight to the nosedive that oil prices have been experiencing for eight weeks now. As far as today's price slide is concerned at least, fundamental data play only a subordinate role, as concerns about China are chiefly responsible this time."

Bart Melek, head of commodity strategy at TD Securities, said the oil market was getting clobbered from two sides: The outlook for demand was weakened by China's woes and there was no sign of easing in the global oversupply.

"We continue to be worried about new Iranian supplies, US drilling activity increasing, maintenance season coming up for refineries... that basically prompts people to think the oil market is going to be oversupplied for longer," said Melek.

On Friday, WTI had plunged briefly below $40 on the back of a global equities sell-off spurred by poor Chinese manufacturing data.

Amid market turmoil over China's faltering economy, WTI shed 4.8 percent last week and Brent slumped 7.3 percent.

It was WTI's eighth consecutive weekly decline, the longest stretch of weekly losses in 29 years, and Brent's seventh loss in eight weeks.

"China's financial crisis has rattled global equity and commodity markets," said Myrto Sokou, senior research analyst at the Sucden Financial brokerage in London.

"Oil investors remain highly cautious following renewed worries over a serious slowdown of Asian oil demand in the second half of 2015," she said.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil sinks as china fears roil markets Arab Today, arab today oil sinks as china fears roil markets

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil sinks as china fears roil markets Arab Today, arab today oil sinks as china fears roil markets

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday