Oil falls on fears of recession and slow recovery in China’s imports

Oil prices fell on Monday, to near multi-month lows, after the recession hit demand and data pointed to a slow recovery in China’s imports of crude oil last month.

Brent crude futures fell 74 cents, or 0.8%, to $94.18 a barrel by 03:30 GMT, and prices for the closest contract month recorded their lowest levels since February, last week, down 13.7% and recording their largest weekly decline since April 2020.

And US West Texas Intermediate crude recorded $ 88.34 a barrel, down 67 cents, or 0.8%, extending losses, after falling 9.7% last week.

Customs data showed that China, the world’s largest importer of crude oil, imported 8.79 million barrels per day of crude in July, up from a four-year low in June, but still 9.5% lower than its level a year ago.

Share on twitter
Share on facebook

Related News


Latest News

About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

Information About Union

92 Members

28 Board of Directors

17 Country

300.000 Employees

Subscribe Newsletter

Contact us

General Secretariat
Tel +21323304221 Fax +21323304254
Mail: relex@solbarab.org

Cairo Regional Office
Tel +20233356219 Fax +20233374790
Mail: aisucairo@solbarab.org

All rights reserved Arab Iron and Steel Union | 1971 - 2022

Powered by Mohamed Hamed