Oil Falls as China Data Adds to Demand Fears

Wall Street opens at half mast after disappointing recovery figures in China
August 16, 2021
Wall Street accelerates fall at close after Fed minutes
August 19, 2021

Oil Falls as China Data Adds to Demand Fears

US benchmark oil prices drop 3% to $66.42 a barrel after disappointing Chinese factory data and persistent Delta variant fears. The Taliban’s swift takeover of Afghanistan following a US withdrawal is adding to a retreat in risk appetite. “Oil prices are lower as China reported lower than expected industrial output, implying China’s recovery is losing steam while renewing demand fears,” says Peter Cardillo at Spartan Capital. The data in China, the world’s No. 2 oil consumer, saw a larger-than-forecast slowdown in both factory and retail sales last month.