Oil
fell to a two-week low as declining Chinese industrial profits signaled
demand may be weakening in the biggest crude-consuming country after
the U.S.
West
Texas Intermediate futures slid 2.8 percent, erasing last week’s 2.3
percent gain. China’s industrial-company profits declined 8.8 percent in
August, the most in at least four years. Investors are awaiting the
release of measures of its factory output, and U.S. non-farm payrolls
data are due later this week.
Crude
had rebounded from a six-year low in August as weak prices forced U.S.
drillers to idle rigs, causing production to slip in six of the past
seven weeks. That rally is sputtering on speculation that a global glut
will persist as Chinese economic growth slows and Iran prepares to boost
exports should sanctions against the country be lifted.
Source: Bloomberg
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