Sunday, February 28, 2021

Oil fell nearly 2% on weak China growth

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Global Oil declined nearly 2 percent on Tuesday and the Washington and China concerned on two major issues of Intellectual property Rights and the Chinese subsidies that discriminate against foreign investors besides China weak economic data.

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The WTI crude and the Brent also suffered the stroke of International Monetary Fund on revising downward its 2019 global growth forecast to 3.5% from October’s 3.7%.

 

WTI on Tuesday slipped to $1.03, or 2.3%, at $52.57 a barrel, after Friday’s surge of 3.3%.

 

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Whereas, the benchmark Brent lowered $1.24, or 2%, to $61.50 after last trade gain of around 2.5%.

 

Witnessing China’s oil imports hit a record above 10 million bpd in late 2018, one would not see any real evidence of China slowdown, Commodity gurus said.

 

 

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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