Crude prices fall as concerns mount over China’s economic slowdown

Spreading concerns over economic slowdown in China forced crude oil prices to take another dip on Tuesday after the gains recorded on Monday.

The slowdown has stoked fears of lower future fuel demand and pulled down financial markets across Asia, including crude oil futures.

International Brent oil futures were at $62.26 per barrel at 0736 GMT, down 48 cents, or 0.8 per cent from their previous close.

Read also: Nigeria made N11.5trn from crude oil sales in the first 9 months of 2018

U.S. West Texas Intermediate (WTI) crude futures were at $53.43 per barrel, down 0.7 per cent, or 37 cents.

China’s state planner on Tuesday warned that the downward pressure on the economy will affect China’s job market as falling factory orders point to a further drop in activity in coming months and more job shedding.

This is just as China reported its lowest annual economic growth since 1990 on Monday.

However, China’s oil imports have defied the economic slowdown, hitting a record above 10 million barrels per day (bpd) in late 2018.

Analysts however believe the country is at the peak of energy growth, with its thirst set to wane as the slowdown bites.

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