Oil Falls by Most in Five Weeks Amid Fear of Chinese Demand Drop
- China’s oil refining slows most since 2014 as economy cools
- Trader Andy Hall says outlook for 2018 market has deteriorated
In today’s “Futures in Focus,” Todd Colvin, senior vice president at Ambrosino Brothers and Bloomberg's Nejra Cehic examine the issues impacting oil prices and look at gold retreating from a two-month high. They speak on 'Bloomberg Markets.' (Source: Bloomberg)
Oil tumbled by the most in more than five weeks as fears of falling oil demand in China overshadowed news that Libya’s crude supply was disrupted.
Futures fell 2.5 percent in New York. China’s oil refining dropped the most in three years in July, while crude output retreated from the highest this year. Libya’s biggest oil field, Sharara, cut output by more than 30 percent because of security threats, a person familiar with the matter said. Meanwhile, the dollar strengthened, eroding the lure of commodities as a store of value.