- WTI crude hits the lowest price since May in intraday trade
- Wall Street banks cut China growth forecasts
- China’s July crude imports down 20% on a year-on-year basis
Crude prices are declining as a slowdown in Asia disrupts the demand outlook. A stronger dollar theme is also starting to emerge given the recovery story in the United States and that might be a short-term drag for crude prices says an article on Reuters.
Oil prices fall
Oil prices fell over 2% to a three-week low on Monday, extending last week’s steep losses on the back of a firmer U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
Lowest prices in intraday trade
Brent futures fell $1.66, or 2.4%, to settle at $69.04 a barrel, while U.S. West Texas Intermediate (WTI) crude lost $1.80, or 2.6%, to settle at $66.48. Those were the lowest closes for both benchmarks since July 19. In intraday trade, WTI fell to its lowest level since May.
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Source: Reuters
