Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession.<\/p>\n
Brent crude futures fell $1.21, or 1.3%, to $93.89 a barrel by 0635 GMT. WTI crude futures dipped 84 cents, or 0.9%, to $88.57 a barrel. The oil future benchmarks fell about 3% in their previous sessions.<\/p>\n
China’s central bank cut lending rates to revive demand as the nation’s economy slowed unexpectedly in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.<\/p>\n
“Commodities prices across the board were under pressure as China’s July economic data painted a more downbeat growth picture than previously expected, which prompted renewed concerns on demand outlook,” wrote Yeap Jun Rong, market strategist from IG Group, in a note.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Tuesday as bleak economic data from top crude buyer China renewed fears of a global recession. Brent crude futures fell $1.21, or 1.3%, to $93.89 a barrel by 0635 GMT. WTI crude futures dipped 84 cents, or 0.9%, to $88.57 a barrel. The oil future benchmarks fell about 3% in their previous sessions. China’s central bank cut lending rates to revive demand as the nation’s economy slowed unexpectedly in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis. “Commodities prices across the board were under pressure as China’s July economic […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-514567","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/514567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=514567"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/514567\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=514567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=514567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=514567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}