Oil prices drop over 3% on faltering demand outlook in China
LONDON: Oil fell by over 3 per cent on Monday to a one-week low, dropping for a third session after official data showed refining throughput and economic activity slowed in China, an indication that COVID-19 outbreaks are crimping the world’s second-largest economy.
Brent crude was down $2.21, or 3.1 per cent, at $68.38 a barrel by 1347 GMT. U.S. oil fell by $2.42, or 3.5 per cent, to $66.02.
Chinese factory output and retail sales growth slowed sharply in July, data showed, missing expectations as flooding and fresh outbreaks of COVID-19 disrupted business activity.
