{"id":3906,"date":"2022-08-16T13:08:06","date_gmt":"2022-08-16T08:08:06","guid":{"rendered":"https:\/\/mbt.mv\/?p=3906"},"modified":"2022-08-16T13:08:06","modified_gmt":"2022-08-16T08:08:06","slug":"oil-prices-drop-owing-to-weak-chinese-economic-data","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=3906","title":{"rendered":"Oil prices drop owing to weak Chinese economic data"},"content":{"rendered":"<p>Oil prices traded lower Monday, 15th August, in light of new economic data from China that renewed concerns for a global recession.<\/p>\n<p>Brent crude futures dipped by USD3.05, a 3.1% drop, trading at USD95.10 per barrel after dropping 1.5% on Friday, 12th August.<\/p>\n<p>On the other hand, US West Texas Intermediate (WTI) slipped 2.9%, a USD2.68 drop hitting USD89.41 a barrel falling from 2.4% during previous session.<\/p>\n<p>Moreover, Brent futures reach levels close to where it stood when Russia&#8217;s attack on Ukraine was imminent. WTI futures hit its lowest on Monday since February 2022.<\/p>\n<p>China&#8217;s central bank cut lending rates to boost demand. The country is the largest crude oil importer while, refinery output dipped 12.53 million barrels per day.<\/p>\n<p>The country&#8217;s GDP growth will reach 4% compared to previous 4.4%. China&#8217;s GDP expects a further drop.<\/p>\n<p>Meanwhile, Brent crude open interest is down 20% from August 2021.<\/p>\n<p>&#8220;Open interest is still falling, with some (market players) not interested in touching it because of its volatility,&#8221; said UBS oil analyst Giovanni Staunovo.<\/p>\n<p>Furthermore, a damaged oil pipeline which earlier disrupted output of several offshore US platforms in Gulf of Mexico was repaired late Friday, with oil producers reactivating parts of their halted production.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices traded lower Monday, 15th August, in light of new economic data from China that renewed concerns for a global recession. Brent crude futures dipped by USD3.05, a 3.1% drop, trading at USD95.10 per barrel after dropping 1.5% on Friday, 12th August. On the other hand, US West Texas Intermediate (WTI) slipped 2.9%, a<\/p>\n","protected":false},"author":4,"featured_media":3907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423],"tags":[422,781,1623],"class_list":{"0":"post-3906","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-crude-oil","9":"tag-global-oil-market","10":"tag-oil-price"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices drop owing to weak Chinese economic data - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=3906\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices drop owing to weak Chinese economic data - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"Oil prices traded lower Monday, 15th August, in light of new economic data from China that renewed concerns for a global recession. Brent crude futures dipped by USD3.05, a 3.1% drop, trading at USD95.10 per barrel after dropping 1.5% on Friday, 12th August. 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