Oil prices rise more than 1%, but global slowdown looms
Prices fell on Monday after data showed weakening imports and exports in China, raising new worries about a global slowdown
London — Oil prices rose more than 1% on Tuesday after tumbling the previous session, although a darkening economic outlook may soon weigh on growth in fuel demand. Brent was up 78c or 1.32% at $59.77 a barrel by 12.40pm GMT, after briefly climbing above $60. The benchmark crude had fallen more than 2% on Monday. US crude was up 63c or 1.25% at $51.14. Prices fell on Monday after data showed weakening imports and exports in China, raising new worries about a global slowdown. But China’s National Development and Reform Commission offered some support on Tuesday, signaling it might roll out more fiscal stimulus. But analysts said a price recovery may prove short-lived. “Any price rally is unlikely to be sustainable in the first half of the year simply because the demand for oil cartel Opec’s oil is expected to be lower than the projected output from the organisation,” PVM Oil Associates strategist Tamas Varga said. The Middle East-dominated Opec and allies, including Russia, agreed in...
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