Oil prices sank today after disappointing Chinese economic data renewed concerns of a global recession. The Chinese central bank, breaking with the rest of the world actually lowered its short-term rates to help combat a slowdown in economic activity. Brent is now at its lowest point since the invasion of Ukraine, and Natural Gas also traded down in the session. Brent’s open interest is down 20% from this time last year. “Open interest is still falling, with some (market players) not interested in touching it because of volatility. That is, in my view, the reason resulting in higher volumes to the downside,” UBS oil analyst Giovanni Staunovo said, adding that the trigger for the drop on Monday was weak Chinese data WTI traded down -$2.68 or 2.9% to close at $89.41. Brent traded down -$3.05 or -3.11% to close at $95.10.<\/p>\n\n\n\n
Oil prices sank today after disappointing Chinese economic data renewed concerns of a global recession. <\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n