Economic Uncertainty and China Woes Push Oil Prices Down
TL;DR
Oil prices fell sharply on Monday after the manufacturing sector contracted for the fifth straight month in April, ending a 30-month period of expansion. Brent crude was down 1.8% to $79.15 per barrel, while WTI crude lost 2.1% to trade at $75.20 per barrel. The US dollar has been rising against a basket of currencies over the past week, making oil more expensive for other currency holders. Energy stocks have also started losing their luster, with the Energy SPDR losing $739m last week.
- Oil Prices Fall On Disappointing Manufacturing Data OilPrice.com
- Oil drops 1% as economic growth concerns offset OPEC+ cuts Reuters
- WTI weighed by China woes and a firm US Dollar FXStreet
- Oil prices settle lower as economic uncertainty feeds worries about energy demand MarketWatch
- Crude oil sharply lower; Chinese PMI adds to demand concerns By Investing.com Investing.com
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