Oil prices drop over 1% due to intensifying pressure of Chinese economy
NEW YORK (Reuters) -Oil prices fell over 1% on Tuesday on sluggish Chinese economic data coupled with fears that Beijing’s unexpected cut in key policy rates was not sufficiently substantial to rejuvenate the country’s sputtering post-pandemic recovery.
Brent crude futures fell $1.31, or 1.5%, to $84.90 a barrel by 10:56 a.m EDT (1456 GMT), while U.S. West Texas Intermediate crude fell $1.44, or 1.8% to $81.07.
Supply cuts by Saudi Arabia and Russia, part of the OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, have helped to galvanise a rally in prices over the past seven weeks.
