Oil drops over $3 a barrel as China data disappoints, Iran talks in focus
LONDON (Reuters) -Oil prices fell by more than $3 a barrel on Monday on concerns over demand in China, the world’s largest crude importer, and ahead of Iran’s response to a nuclear deal proposal which could raise the country’s oil exports.
Brent crude futures fell $3.49, or 3.56%, to $94.66 a barrel by 0945 GMT after settling 1.5% lower on Friday.
U.S. West Texas Intermediate crude was down $3.32, or 3.61% at $88.77, after a 2.4% drop in the previous session.
China’s economy unexpectedly slowed in July, while refinery output slipped to 12.53 million barrels per day, its lowest since March 2020, government data showed.
