Oil Settles Below $90 as China Outlook Sours, Iran Talks Advance
- China’s apparent crude demand drops around 10% y/y in July
- WTI futures fell below $87 intraday, touching six-month low
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Oil settled below $90 a barrel as softer economic data from China and a potential breakthrough in negotiations with Iran eased pressure on crude markets.
West Texas Intermediate closed nearly 3% lower after sinking earlier to a six month low. Oil started the week on a bearish note after China announced a surprise cut in key interest rates in response to weak economic data. Meanwhile, Iran signaled a nuclear deal agreement could be reached in the next few days, raising the prospect of Iranian crude returning to the global market.