Oil prices fall over 1% on Chinese demand jitters

Quick Summary:

Oil prices settled more than 1% lower on Tuesday, the third straight day of losses, on worries of a slowing Chinese economy crimping demand, though declines were stemmed by a growing consensus the US Federal Reserve could begin cutting its key interest rate as soon as September.

Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand.

Stocks on average were expected to fall by 33,000 barrels last week, according to a Reuters poll on Tuesday.

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Category: EconomyBusiness

Markets: MalaysiaChina

Topics: FuelDemand Commodities /Business/ EnergyMarket EconomicGrowth ChineseEconomy OilPrices USFederalReserve CrudeOil

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-17 @ 07:05:00 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 445 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21657837

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