Oil prices once again extended its losses on Monday morning after China’s disappointing quarter results for the economic growth. The world’s second-best economy was likely to grow by 5.2 per cent in the quarter, but could only manage 4.9 per cent growth. The government data exhibited that it missed the expectations of analysts and experts.
Moreover, growing cases of coronavirus are already fueling the concern over the demand-supply equation of oil. The second-largest user of oil, China’s refiners, slowed down their processing rates in September. Their industrial metal imports were lower.
The December Brent Crude oil plunged to $42.78 per barrel, a loss of 0.4 per cent or 15 cents at 0405 GMT. the WTI November Crude oil was down by 18 cents to $40.70. The contract is likely to get over on Tuesday.
Notably, WTI rose 0.7 per cent, and Brent gained 0.2 per cent the last week.