Oil prices slumped Monday, weighed by concerns over slowing Chinese economic growth as well as raised potential for increased supply from both Iran and Saudi Arabia. Economic data released earlier Monday showed China’s economic growth rate unexpectedly slowed in July, prompting the country’s central bank to cut key lending rates in a surprise move. China's economy, the world’s second largest, is struggling to shake off the June quarter's hit to growth from strict COVID restrictions, and this has raised concerns that this will hit future crude demand from the largest importer in the world.
Yahoo Finance Live anchors Rachelle Akuffo and Akiko Fujita look at where markets settled to end the week, with tech stocks driving the biggest gains.
Oil prices fell Friday, as uncertainty surrounding the market’s demand/supply balance prompted traders to cash in some of the week’s strong gains. Both the International Energy Agency and the Organization of Petroleum Exporting Countries released their monthly market reports on Thursday but took differing views on the demand outlook. The IEA raised its demand growth forecast by 380,000 barrels per day to 2.1 million barrels per day citing gas-to-oil switching, while OPEC cut its forecast by 260,000 barrels per day to 3.1 million barrels per day.