Oil prices fell on Monday as worries over China’s economy resurfaced after a survey showing growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by higher crude output from Organization of the Petroleum Exporting Countries (Opec).
Brent crude oil futures slid by $2.32, or 3.08 per cent, to $73.09 a barrel by 8.50 pm IST. US West Texas Intermediate (WTI) crude futures dropped $2.60, or 3.5 per cent, to $71.35.
“China has been leading economic recovery in Asia and if the pullback deepens, concerns will grow that the global outlook will see a significant decline,” said Edward Moya, senior analyst at OANDA.
