Fall in crude oil prices blamed on less demand by China

 

What caused the latest slip in crude oil prices in the U.S. and Europe?

Reports suggest it is growing fears that the crude oil consumption by China is slowing and that OPEC might increase its global supply after meeting this week.

As OK Energy Today reported earlier, Brent crude fell 1.1% on a 73 cent drop to $63.69 on Monday while West Texas Intermediate crude lost 1.4% on an 86 cent fall to $60.64.

 

China’s factory activity growth slipped to a nine-month low in February, sounding alarms over Chinese crude buying and pressuring oil prices reported Reuters.

Click here for the Reuters story.

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