Oil Price Slides on Economic Growth Concerns in U.S. and China

With both China and the U.S. slowing down economically the price of oil has been sliding on a slippery path. As the two largest energy consuming countries curbed their demand for oil most people are not surprised at the longest losing streak that oil has seen for seven weeks.

The indicators for economic growth around the world have been sluggish as per Toby Hassal, a commodity analyst at CWA Global Markets Pty in Sydney. As global growth feeds fuel demand, the prices of crude oil have been dropping for the last four days consecutively.

Oil prices per barrel for crude oil on Thursday dropped to $74.70 in the New York Mercantile Exchange in electronic trading. For London based ICE Futures Europe Brent crude for August delivery dropped to $72.11 per barrel.

Oil prices are seen down by 8.4 percent this year. They have been fluctuating from $64 per barrel to $87 based on investor fears on the impact of Europe's debt and fiscal crisis on the global economic recovery.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, March 19). Oil Price Slides on Economic Growth Concerns in U.S. and China. AZoMining. Retrieved on August 07, 2022 from https://www.azomining.com/News.aspx?newsID=90.

  • MLA

    Scanlon, Joel. "Oil Price Slides on Economic Growth Concerns in U.S. and China". AZoMining. 07 August 2022. <https://www.azomining.com/News.aspx?newsID=90>.

  • Chicago

    Scanlon, Joel. "Oil Price Slides on Economic Growth Concerns in U.S. and China". AZoMining. https://www.azomining.com/News.aspx?newsID=90. (accessed August 07, 2022).

  • Harvard

    Scanlon, Joel. 2019. Oil Price Slides on Economic Growth Concerns in U.S. and China. AZoMining, viewed 07 August 2022, https://www.azomining.com/News.aspx?newsID=90.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit