• Home
  • Business News
  • Weekly Reviews
  • Market Reports
Saturday, May 31, 2025
  • Login
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports
  • Global Markets
  • Commodities
  • Corporate News
No Result
View All Result
The Trading Room
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports
  • Global Markets
  • Commodities
  • Corporate News
No Result
View All Result
The Trading Room
No Result
View All Result
Home Global Markets Commodities

Oil Prices Fall by over 1% Amidst Rising COVID-19 Cases in China

Leah Wamugu by Leah Wamugu
in Commodities
Reading Time: 2 mins read
A A
0
Oil Refinery

An oil Field in Saudi Arabia

Share on FacebookShare on Twitter

Oil prices fell more than 1% on Monday, dropping for a third session after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world’s no.2 economy.

RELATED POSTS

Oil Prices Soar as Iran fires missiles at Israel

Gold Prices Gain as Recession Fears Loom Amidst Weaker Global Economic Data.

Oil Prices Decline as Market Readies for Iraqi Kurdistan Exports.

Brent crude was down 80 cents, or 1.1 per cent, at USD 69.79 a barrel by 0046 GMT, after edging lower last week.
US oil fell by 81 cents, or 1.2 per cent, to USD 67.63 a barrel, having risen slightly last week.
Oil Chart
U.S WTI Performance Chart
Oil Hit by China’s Factory Output

Factory output and retail sales growth slowed sharply in July in China, data showed, missing expectations as fresh outbreaks of COVID-19 and flooding disrupted business activity.

“Oil futures weakness … is likely triggered by weaker-than-expected growth data from China, which is a major consumer of oil. All in all, the global peak growth narrative has been intensified.” Kelvin Wong, market analyst at CMC Markets in Singapore.

China’s crude processing last month also fell to the lowest on a daily basis since May 2020, as independent refiners cut production amid tighter quotas, elevated inventories and falling profits. China is the world’s biggest oil importer.

In Japan, the world’s fourth-biggest importer of crude oil, many analysts expect modest economic growth in the current quarter as the state of renewed emergency restrictions to deal with record cases of infections weigh on household spending.

“We expect (Japan GDP) growth to remain under pressure in the third quarter as spending and production continue to struggle amidst disruptions from the pandemic,” analyst said.

The International Energy Agency on Thursday said rising demand for crude oil reversed course in July and was expected to increase at a slower rate over the rest of 2021 because of surging COVID-19 infections from the highly transmissible Delta strain.

Money managers reduced their net-long U.S. crude futures and options holdings in the week to Aug. 10, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Speculators also cut their futures and options positions in New York and London by 21,777 contracts to 283,601 over the period, the CFTC said.

Buy JNews
ADVERTISEMENT

Read also; Oil Slips for Second Day as EIA Demand Outlook Turns Negative; WTI Drops 0.5%.

Post Views: 1,138
Tags: Brent CrudeCrude OilOil FuturesspotlightWTI Oil Index
Previous Post

Limuru Tea Posts 8% Decline in Revenue to Kes 47 Million HY2021

Next Post

Asian Markets Drop as China’s Economic Data Shows Industrial Production was at 6.4%

Leah Wamugu

Leah Wamugu

Related Posts

Brent Crude Oil Prices WTI
Business News

Oil Prices Soar as Iran fires missiles at Israel

by Githere Eddie
Gold
Commodities

Gold Prices Gain as Recession Fears Loom Amidst Weaker Global Economic Data.

by Felix Ochieng
Crude Oil Prices
Commodities

Oil Prices Decline as Market Readies for Iraqi Kurdistan Exports.

by Githere Eddie
oil
Commodities

Oil Falls to 7-Month Low on Renewed Demand Fears, Rate Hike Expectations

by Rosemary Muthoni
Next Post
Asia Trader

Asian Markets Drop as China's Economic Data Shows Industrial Production was at 6.4%

EPRA Fuel prices

Fuel Prices to Remain Unchanged as EPRA Retains Prices in Latest Review

NSE Nairobi Securities Exchange

Market Report; 16 August, 2021

Advertisement Banner Advertisement Banner Advertisement Banner
ADVERTISEMENT

Most Viewed Posts

  • Tea Farmers Set to Receive Kes 28 Billion as Final Bonus Payment (4,110)
  • 4 Things You Can Do With the Cashlet App to Achieve Your Financial Goals (2,202)
  • Hilda Njeru Takes over at CDSC (2,070)
  • Safaricom Finally Launches eSIM: Here’s What You Need to Know (1,924)
  • KenGen Gets Nod to Sell 4 Million Tonnes of Carbon Credits (1,809)

Follow Twitter

About Us

Follow Us

Popular Tag

Africa Asian - Pacific Stocks Asian Stock Markets Australian Stocks Bitcoin Bonds Kenya Bonds Trading in Kenya Brent Brent Crude Capital Markets Authority Central Bank of Kenya Corona Virus Pandemic Crude Oil Cryptocurrencies Derivatives NSE Derivatives Trading in Kenya Dow Jones Industrial Average Ethereum European Stock Markets Global Economy Global Markets Hang Seng Index Investing in Kenya Investor Briefing Jakarta Stock Exchange Kenya Economy Kospi index MSCI Index Nairobi Securities Exchange NASDAQ New York Stock Exchange Nikkei N225 NSE Oil Futures S&P 500 Index Safaricom Plc Shanghai Composite Shenzhen component spotlight Stock Market Report Stock Market Review U.S. Stock markets US oil Wall Street WTI Oil Index

Recent News

Equity Group

Equity Group Q1 Profit Falls 4pc to KES 15.4bn

Cynthia Kropac(R) Chief Enterprise Business Officer Safaricom PLC receives H.E. Minister of Communications and Technology in Somalia - Mohamed Adam to the Safaricom Business Booth. Looking on is H.E. Hon. William Kabogo, Cabinet Secretary, Ministry of Information Communication and Digital Economy in Kenya - during the ongoing Connected Africa Summit 2025 Launch.

Safaricom to Invest KES 500Mn in Bid to Bolster AI Infrastructure

  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 The Trading Room Limited.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
TSLA 
$346.46  3.34%  
GME 
$29.80  0.78%  
MSFT 
$460.36  0.37%  
AAPL 
$200.85  0.45%  
AMC 
$3.56  4.09%  
ABNB 
$129.00  0.50%  
GOOGL 
$171.74  0.07%  
AMZN 
$205.01  0.34%  
No Result
View All Result
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports

© 2025 The Trading Room Limited.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?