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LONDON — Brent crude oil fell towards 14-month lows just above $100 a barrel on Monday after Chinese and US data pointed to slower than expected growth in the world’s top oil consumers.
China’s import growth fell unexpectedly for the second consecutive month in August, posting its worst performance in more than a year as domestic demand faltered.
Chinese imports fell 2,4 percent in August compared with a year ago, missing a Reuters estimate for a 1,7 percent rise.
It was the second straight month of weak import growth, raising concerns that tepid domestic demand worsened by a cooling housing market is increasingly weighing on the economy.
The data followed disappointing US jobs data on Friday, which helped knock more than $1 off both top oil benchmarks.
“The Chinese data, with imports showing disappointing results, indicates the domestic economy remains quite weak.
That continues to raise concerns about the recovery of the Chinese economy,” said Victor Shum, senior partner at oil consultancy Purvin & Gertz. – Reuters.
Online Reporter