5.5 C
London
Tuesday, December 3, 2024
HomeNewsOil Prices Tumble as China Worries Weigh

Oil Prices Tumble as China Worries Weigh

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

Singapore (FFN Business) – Oil prices dropped on Tuesday, with Brent crude falling below $79.50 a barrel, as concerns over weakening demand in China and easing tensions in the Middle East pressured the market.

Brent crude futures fell 29 cents to $79.49 a barrel, while US West Texas Intermediate (WTI) crude lost 32 cents to $75.49 a barrel.

Investor sentiment has been dampened by a series of economic indicators pointing to a slowdown in China, the world’s largest oil importer. The latest data on factory activity reinforced those concerns, with July’s manufacturing PMI coming in below expectations.

Additionally, easing tensions in the Middle East after Israel signaled a measured response to a Hezbollah attack have also contributed to the decline in oil prices.

The market is now focused on the upcoming meeting of OPEC+ to assess the group’s production policies.

Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories