Investors’ growth anxiety sends oil prices tumbling
Brent falls amid growing investor jitters over the global economy, after the ECB warns of persistent weakness and weak Chinese data
Singapore — Oil prices fell on Friday amid growing investor jitters over the global economy, after the European Central Bank (ECB) warned overnight of continued weakness and as fresh data showed Chinese exports and imports slumped last month. With surging US supply also unsettling markets, international benchmark Brent crude oil futures were at $65.83 a barrel at 3.58am GMT, down 47c, or 0.7% from their last close. US West Texas Intermediate (WTI) crude oil futures were at $56.32 a barrel, down 34c, or 0.6%, from their last settlement. Financial markets, including crude oil futures, took a hit after ECB president Mario Draghi said on Thursday the economy was in “a period of continued weakness and pervasive uncertainty”. Europe’s economic weakness comes as growth in Asia is also slowing down. A slowdown in economic growth would also likely result in stalling fuel demand, putting pressure prices. China’s February dollar-denominated exports fell 21% from a year earlier, coming in far w...
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