Oil prices fell Monday as weak China economic data intensified concerns about lowered demand from the world's second-largest economy and largest crude importer, and as Saudi Aramco said it was ready to increase oil output, Reuters and The Associated Press report.
International benchmark Brent crude fell 1.2 percent to $97.01 per barrel following a 1.5 percent drop on Friday. U.S. benchmark West Texas Intermediate fell $1.06, or 1.2 percent, to $91.03, after falling 2.4 percent on Friday. Government data in China showed that the country's economy unexpectedly slowed in July and refinery output dropped to its lowest since March 2020, suggesting oil demand was falling after high fuel prices forced consumers to cut back.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
Why is Labour looking to Italy on migration?Today's Big Question Keir Starmer wants to learn lessons from Giorgia Meloni, but not everyone is impressed with the Albania agreement
-
A foodie guide to SeattleThe Week Recommends From bustling markets to burger joints, these are the best spots in the city
-
'Hope in America'Today's Newspapers A roundup of the headlines from the US front pages
-
US inflation drops below 3%, teeing up rate cutsSpeed Read This solidifies expectations that the Federal Reserve will finally cut interest rates in September
-
Would Trump's tariff proposals lift the US economy or break it?Talking Points Economists say fees would raise prices for American families
-
Why can't China turn its economy around?Today's Big Question The post-pandemic crisis puts pressure on Communist Party leaders
-
US inflation cools further in welcome sign for economySpeed Read Prices fell in June for the first time in four years
-
The big deal: Why are fast-food chains suddenly offering discounts?Today's Big Question After inflation and price hikes, a need to bring customers back
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
