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Offbeat oil: Concerns about China's economy send oil prices down.

12:30  22 may  2020
12:30  22 may  2020 Source:   handelsblatt.com

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Oil prices fell about 1 percent on Monday, pressured by data showing Despite concern about the outlook, there is little sign that Chinese oil demand has weakened yet. China ' s crude imports in December surged nearly 30 percent from a year earlier, Reuters calculations of customs data showed.

Data out of China spurred fresh concerns about weakness in the global economy . China ' s exports fell by the most in two years in December while imports contracted, official figures showed. " Oil prices are getting weighted down by the prospects of weaker economic growth in China ," Stephen Innes of

Brent ist die für Europa wichtigste Ölsorte. Die Sorte WTI stammt aus den USA. © dpa Brent is the most important oil type for Europe. The WTI variety comes from the USA.

Doubts about the recovery of China's economy after the slump caused by the corona crisis put oil prices under severe pressure. Brent loses up to six percent.

Oil prices fell sharply on Friday due to economic concerns. The price of a barrel (159 liters) of the North Sea type Brent fell in the morning by up to six percent to below $ 34. Most recently, the minus was a good four percent. The price of a barrel of the US grade West Texas Intermediate (WTI) fell by up to eight percent to below $ 31. Most recently, the minus was around six percent.

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Price Futures Group’ s Phil Flynn, Recon Capital Partners CIO Kevin Kelly, Maverick PAC Co-Chair Morgan Ortagus and SkyBridge Capital Founder Anthony

China ' s economic slowdown has finally left its imprint on global stock markets. But the impact has been discernible in the oil market for many But it has reinforced concerns about whether China ' s economic growth is going to slow very abruptly, and has undermined expectations about future oil

Shortly before the weekend, doubts about the recovery of the Chinese economy after the slump caused by the corona crisis put oil prices under severe pressure. Investors watched the start of the annual conference of the People's Congress in China.

For the first time in almost two decades, the Beijing leadership had not set a goal for growth in the world's second largest economy . Prime Minister Li Keqiang referred to the "great uncertainties" regarding the corona pandemic and the global economic crisis. China faces factors "that are difficult to predict".

According to market observers, there is also concern about renewed tensions on the oil market between the USA and China, which could jeopardize the latest trade agreement. US President Donald Trump recently sharply criticized China's leadership for handling the corona crisis. China also wants more control over Hong Kong and plans its own security law there.

Click here to go to the Brent price , here the WTI course .

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