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MTECHTIPS;-Oil slumps more than 3 percent on China slowdown fears

Wednesday, January 23, 2019 0:46

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MTECHTIPS;-Oil slumps more than 3 percent on China slowdown fears

MTECHTIPS-Crude prices tumbled more than 3 percent on Tuesday over concerns that China’s slowing economy could curtail fuel demand worldwide as forecasters predicted weaker global growth amid the U.S.-China trade war. The International Monetary Fund on Monday warned the risk of a pronounced global slowdown has risen because of constrained international trade, and it trimmed its 2019 global growth forecast to 3.5 percent, from 3.7 percent in last October’s outlook. “That represents a lot of barrels if you apply that to the oil market,” said Robert Yawger, director of energy futures at Mizuho in New York. “The IMF report put the crude oil market on the back of it’s foot, for sure.” Brent oil futures (LCOc1) were down $1.95, or 3.1 percent, at $60.79 a barrel by 11 a.m. EST (1600 GMT). U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down $1.83, or 3.4 percent, at $51.97. At the World Economic Forum in Davos, Switzerland, IMF Managing Director Christine Lagarde told reporters the slowing growth does not signal an impending recession, but said the risk of “a sharper decline” in global growth has increased. China reported the lowest annual economic growth in nearly 30 years on Monday and its state planner warned on Tuesday that falling factory orders point to a further drop in activity and more job losses

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