In China’s anti-virus, oil slips more than 2% against the strong dollar

  • WTI crude is hitting its lowest price since May in trading in May
  • China reports that the new CV-19 cases have occurred
  • Wall Street Banks has downgraded China‚Äôs growth forecasts
  • China’s July inflation has declined by 20 percent year-on-year
  • The United Nations has issued a stern warning about climate change

NEW YORK, Aug. 9 (Reuters) – Oil prices fell more than 2 percent on Monday, raising fears of a new round of cholera in Asia, especially in China, as the week rages on the back of a sharp rise in the US dollar. Recovery in fuel demand.

The United Nations has issued a stern warning against climate change, with fires burning in homes and forests in Greece and darkening parts of Europe following last month’s deadly floods. Read more

Brent futures fell $ 1.65 or $ 2.3% to $ 69.05 at 1:21 pm EDT (1721 GMT), US West Texas Intermediate (WTI) crude fell $ 1.73 or 2.5% to $ 66.55.

That lowered both standards by more than 9% in the last six sessions and put them on the right track for their low closing since July 19.

In domestic trade, WTI fell to its lowest level since May.

Craig Erlam, a senior analyst at Oanda, said: “Oil prices are at a high level. Covi’s concerns are once again at the forefront.” The rise of China Delta issues and restrictions has in the short term raised doubts about the economy. Wall Street Banks Goldman Sachs (GSN), JPMorgan (JPM.N) and Morgan Stanley (MSN) have all expressed concern about China’s slowing economic growth and fears that renewable coronavirus could limit economic activity. They are reduced. . Read more

China reported 125 new CVD-19 cases in 96 days. Infections in Malaysia and Thailand hit the records every day. Read more

Fuel tanks were spotted at the Sinopek Yaogang oil terminal in Yanang Province, China. June 11, 2019. REUTERS / Stringer

In the wake of the COVID-19 case and the flood epidemic, China’s exports fell sharply than expected, and inflation was weaker than expected. Read more

China’s crude oil imports fell sharply in July, and record levels fell sharply since June 2020. Read more

Demonstrations in other currencies against the US dollar (DXY), which rose for nearly three weeks, also weighed in on oil prices after Friday’s forecast that the US Reserve could move higher than expected. Fast to strengthen monetary policy. Read more

Solid US dollars make oil more expensive for other currencies.

Investors are focusing on a number of federal policymakers who are speaking on Monday, with further indications that the federation will begin to cut back on Wednesday’s inflation data.

Saudi Arabia, meanwhile, posted a deficit of 4.6 billion riyals ($ 1.23 billion) in the second quarter, a sharp drop from 109.2 billion riyals reported in the same quarter a year ago. Read more

Saudi Aramo (2222 SAE) reported a four-fold increase in net profit in the second quarter on Sunday, and said the oil giant was looking for other potential deals to offer investors and open capital after closing a $ 12.4 billion deal in June. Raw pipeline for him. Read more

Additional report by Dimitri Zdandanikov in London and Sonali Paul in Melbourne; Edited by Margurita Choi, Jane Maryman and Paul Simao

Our Standards – Thomson Reuters Trust Principles.

.

Leave a Comment