Oil Prices Down Over China’s Economy, Output Rise Concerns

Oil prices were down by more than $1 yesterday on worries over China’s economy after a survey showed growth in factory activity slipped sharply in the

world’s second-largest oil consumer, with concerns compounded by a rise in oil output from Organisation of Petroleum Exporting Countries, producers.

“China’s been leading economic recovery in Asia and if the pullback deepens, concerns will grow that the global outlook will see a significant decline,” said Edward Moya, senior analyst at OANDA.“The crude demand outlook is on shaky ground and that probably will not improve until global vaccinations improve.”

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