Oil prices slump 4% on concerns over demand and OPEC supply boost
NEW YORK (Reuters) -Oil prices tumbled about 4% on Monday as weak economic data from China and the United States, the world’s top oil consumers, and higher crude output from OPEC producers stoked fears of weakness in oil demand and oversupply.
Brent crude oil futures slid by $2.65, or 3.5%, to $72.76 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. West Texas Intermediate (WTI) crude dropped fell $2.91, or 3.9%, to $71.04.
“The complex is reacting pretty strongly from the more bearish economic data from China and the U.S.,” said John Kilduff, partner at Again Capital LLC in New York.
China’s factory activity growth slipped sharply in July as demand contracted for the first time in more than a year, a survey showed on Monday.
