Adverse Impact of Chinese Data on Oil Prices
Oil prices fell in trading today, Wednesday, after the release of data indicating a decline in Chinese exports, which raised concerns about global demand for black gold.
And by 08:20 Moscow time, futures for US West Texas Intermediate crude fell 0.87% to $71.52 per barrel.
At the same time, futures for Brent crude fell 0.77% to $76.12 per barrel, according to Bloomberg data.
The decline came after data showed that China’s exports fell 7.5% in May from a year ago, while imports fell 4.5%.
The data is further evidence of a slowdown in China’s economic recovery after Beijing lifted anti-coronavirus measures last December, disrupting travel and trade.
Source: RT + Bloomberg