Brent, WTI Prices Fall
Oil prices fell on Monday, in line with weaker stock markets after evidence that economic growth in China, the world’s second largest crude consumer, eased in 2018.
Brent crude oil futures were last down 35 cents on the day at $62.35 a barrel, while US crude futures were down 23 cents at $53.57 a barrel, Reuters reported
The broader financial markets were weaker after data showed China’s 2018 economic growth slowing to the weakest in 28 years, at 6.6% versus 6.8% in 2017.
Although the slowdown was in line with expectations and not as sharp as some analysts had expected, the cooling of the world’s No.2 economy casts a shadow over global growth.
“It remains quite likely that the trade spat with the US has played a part in this latest slowdown, but investors should also factor in that it simply is not possible for the Chinese economy to grow at the pace that it has over the last 10 years, in the next 10 years, as the law of diminishing returns kicks in, and the economy becomes more mature,” CMC Markets chief market analyst Michael Hewson said.
source: Financial Tribune
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