InternationalMoney and Businessnews

Oil falls back to $60 on concerns about China slowdown

The Address | Benghazi – Libya

LONDON – Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world’s second-largest oil consumer, raising the prospect of a slowdown in fuel demand.

China’s exports fell by the most in two years in December while imports contracted, official figures showed, pointing to further weakness in what is also the world’s second-largest economy.

Brent crude, the international benchmark, fell 50 cents to $59.98 a barrel by 0932 GMT, trading as low as $59.37 intraday. U.S. crude slipped 41 cents to $51.18.

“Both imports and exports disappointed expectations and are set to revive fears about a global growth slowdown,” said Norbert Ruecker, head of macro and commodity research at Swiss bank Julius Baer.

Reuters

Tags

Related Articles

Close