West Texas Intermediate (WTI) crude oil slumped on Friday on concerns over the health of China's economy and easing geopolitical worries.
West Texas Intermediate crude for September delivery closed down US$1.51 to settle at US$76.65 per barrel, while October Brent crude, the global benchmark, was last seen down US$$1.02 to US$80.02.
The drop comes as China, the No.1 importer of crude oil, released the latest in a series of weak economic reports as its economy continues to falter amid a debt crisis linked its real-estate sector, high youth unemployment and tepid consumer spending.
The weak performance from the world's second-largest company comes as concerns over a wider Middle Eastern war ebb as Iran continues to hold off from its promise to retaliate against Israel for the assassinations earlier this month of key leaders in the Hezbollah and Hamas militant groups. Iran indicated it is waiting as ceasefire talks to end Israel's war on Hamas in Gaza intensify and the Biden Administration pushes for an end to the conflict.
Source : MT Newswires
