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SINGAPORE (AP) — Oil dropped below $85 a barrel Tuesday after weak Chinese trade figures suggested the economic slowdown in the world’s second-largest crude consumer is deepening.
China said Tuesday that June imports increased 6.3 percent, which was less than analyst forecasts and down by half from May’s growth rate while export growth declined to 11.3 percent from 15.3 percent in May.
Waning growth in Chinese demand for crude and other commodities suggests global oil consumption might be weaker than previously thought. Crude has fallen from $106 in May amid signs that economic growth in U.S., Europe and China is flagging.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56494
China said Tuesday that June imports increased 6.3 percent, which was less than analyst forecasts and down by half from May’s growth rate while export growth declined to 11.3 percent from 15.3 percent in May.
Waning growth in Chinese demand for crude and other commodities suggests global oil consumption might be weaker than previously thought. Crude has fallen from $106 in May amid signs that economic growth in U.S., Europe and China is flagging.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56494
