Oil prices have fallen sharply as demand in China has plummeted

TOKYO, Aug. 16 (Reuters) – Oil prices fell 1% in a third day on Friday, signaling that a new COVID-19 epidemic in China is slowing down the global economy. No. 2 Economy.

Brent Reduced by $ 69.69 per barrel by 0649 GMT, 90 cents or 1.3%. U.S. oil fell 97 cents or 1.4% to $ 67.47 a barrel.

Manufacturing and retail sales in China slowed sharply in July, with data showing a new COVID-19 outbreak and flooding disrupting business. Read more

Klvin Wong, market analyst at CMC Markets in Singapore, said: Overall, the global growth narrative has been strengthened.

China’s crude oil production fell daily from last month to May 2020, as neutral filters reduced production amid tight quotas, high commodities and profit margins. China is the world’s largest oil importer. Read more

In Japan, the world’s fourth-largest importer of crude oil, many analysts expect modest economic growth this quarter, given the urgency of family spending to deal with the disease. Read more

“We expect growth (Japan’s gross domestic product) to remain strong in the third quarter,” Moody said.

The International Energy Agency (IAEA) said on Thursday that demand for crude oil had shifted to a course in July and that COVID-19 infections were expected to increase at a slower pace in the rest of 2021 due to high Delta tensions. Read more

The Commodity Futures Trading Commission (CFTC) said Friday that financial managers have reduced their hold on the long-term futures and options of the United States for a week.

Specialists say their future and alternative locations in New York and London have been reduced to 213,601 by 21,777 contracts.

Reported by Aaron ld Ledrick; Edited by Richard ull Lin and Kenneth Maxwell

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