Oil Prices Fall Amid Slowing Demand in China

After the release of official data, the slowdown in refining volumes, and economic activity in China, oil prices fell today by more than 1%.

The price of Brent fell 90 cents, or 1.3%, to $69.69 per barrel.

The price of WTI fell 97 cents, or 1.4%, to $67.47 per barrel.

In China, the economy is limping, due to the severe weather events and the outbreak of the Delta variant, retail sales figures and production figures fell rapidly.

Chinese crude oil processing fell last month to its lowest level in more than a year. This came as independent refiners throttled production due to increased stock levels and low-profit margins.

In Japan, economic growth declined slightly this quarter. This is due to the emergency situation created by the total number of people infected with the virus.

It is expected, however, that crude oil demand will grow, with a slower pace expected for the remainder of 2021.

The Spot Market is Open

Tue. 17Aug- 2021

Metals

Updated at
USD

Bid/Ask
Ounce

Change


Low/High
Gold
06.10
1,787.60
1,788.60
+0.70
0.04%
1,786.40
1,788.90
Silver
06.10
23.88
23.98
+0.05
0.21%
23.83
23.99
Platinum
06.10
1,019.00
1,029.00
+1.00
0.10%
1,017.00
1,029.00
Palladium
06.10
2,536.00
2,686.00
-2.00
-0.08%
2,534.00
2,696.00
Rhodium
05.00
18,050.00
20,050.00
0.00
0.00%
18,050.00
20,050.00
Energy

Updated at


Price


Change


%Change
Crude Oil
06.10

67.50

+0.21

0.31%

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