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Oil prices fall as China slowdown spurs concern over demand outlook

Weekend data indicated a surprise contraction in Chinese factory activity, highlighting the cost of Beijing's preference for mobility curbs to tackle Covid-19

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Photo: Bloomberg

Yongchang Chin | Bloomberg
Oil fell as the week’s trading kicked off, after poor Chinese economic data added to concerns that a global slowdown may sap demand.
 
West Texas Intermediate dropped toward $97 a barrel after sinking almost 7% in July in the first back-to-back monthly loss since late 2020. Weekend data indicated a surprise contraction in Chinese factory activity, highlighting the cost of Beijing’s preference for mobility curbs to tackle Covid-19. 

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Oil has seen volatile trading in recent months

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First Published: Aug 01 2022 | 11:39 AM IST

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