13.4 C
New York
Wednesday, February 28, 2024

Oil prices down on weaker growth in China, US rate hike jitters

Oil prices down on weaker growth in China, US rate hike jitters
© Reuters. An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/file photo

 

LCO
+0.28%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:

Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:

 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

CL
+0.08%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:

Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:

 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

USD/CNY
-0.89%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:

Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:

 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

SSEC
-0.40%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

 

Amount:

Price

Point Value:

Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:

 

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

By Katya Golubkova

TOKYO (Reuters) – Oil prices fell in early trade on Thursday, extending losses to a fourth consecutive session on fears of slowing growth in China and possible further U.S. interest rate hikes weakening fuel demand in the world’s two biggest economies.

Brent crude futures fell 37 cents, or 0.44%, to $83.08 a barrel, while U.S. West Texas Intermediate crude (WTI) was down 39 cents, or 0.49%, to $78.99 a barrel at 0038 GMT.

Missed payments on investment products by a leading Chinese trust firm and a fall in home prices have added to worries that China’s deepening property sector crisis is stifling what little momentum the economy has left.

China’s central bank unexpectedly cut key policy rates for the second time in three months this week but analysts worry it may not be enough to arrest the economy’s downward spiral.

“A risk off tone across markets weighed on sentiment across commodities, compounded by further economic weakness in China,” ANZ Research said in a note.

Minutes of the U.S. Federal Reserve’s July meeting released on Wednesday are also weighing on oil prices, as they showed that most of the central bank’s officials continued to prioritise the battle against inflation.

The minutes “showed most officials noted significant upside to inflation means we may see more tightening … Nevertheless, signs of tightness in the physical market continue,” ANZ Research said.

Source: Investing.com

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,268FansLike
12,893FollowersFollow
730FollowersFollow
- Advertisement -

Latest Articles

Popular Articles