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.
China's central bank cut a key interest rate Monday to boost growth.
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.
-
Book reviews: ‘Against the Machine: On the Unmaking of Humanity’ and ‘Nobody’s Girl: A Memoir of Surviving Abuse and Fighting for Justice’feature An examination of humanity in the face of “the Machine” and a posthumous memoir from one of Jeffrey Epstein’s victims, who recently died by suicide
-
Why has America’s economy gone K-shaped?Today's Big Question The rich are doing well. Everybody else is scrimping.
-
Democrats: Falling for flawed outsidersfeature Graham Platner’s Senate bid in Maine was interrupted by the resurfacing of his old, controversial social media posts
-
Why has America’s economy gone K-shaped?
Today's Big Question The rich are doing well. Everybody else is scrimping.
-
Will latest Russian sanctions finally break Putin’s resolve?Today's Big Question New restrictions have been described as a ‘punch to the gut of Moscow’s war economy’
-
From candy to costumes, inflation is spooking consumers on Halloween this yearIn the Spotlight Both candy and costumes have jumped significantly in price
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
China’s rare earth controlsThe Explainer Beijing has shocked Washington with export restrictions on minerals used in most electronics
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
The struggles of Aston Martin: burning cash not rubberIn the Spotlight The car manufacturer, famous for its association with the James Bond franchise, is ‘running out of road’
-
Why are beef prices rising? And how is politics involved?Today's Big Question Drought, tariffs and consumer demand all play a role
