China Ruins Crude Price Rally on Monday

Signals of a weakening Chinese economy halted the crude oil price rally on Monday. March West Texas Intermediate crude dropped $2 to end trade at $31.62 a barrel on the New York Mercantile Exchange. On the London ICE Futures Exchange, April Brent crude began its first day as the front month contract losing $1.75 to settle at $34.24 a barrel.

A gauge of China’s manufacturing fell in the month of January. As struggling Chinese manufacturing sector has traders worried about energy demand from the Asian powerhouse economy.

March natural gas slipped 14.6 cents on Monday. The New York Mercantile Exchange contract settled at $2.152 per million British thermal units.



   

%d bloggers like this: