Because Disappointing Data From China, Oil Prices Are Chaotic! - Kakiforex | Forex markets for the smart money. Because Disappointing Data From China, Oil Prices Are Chaotic! Because Disappointing Data From China, Oil Prices Are Chaotic!

June 8, 2021

Because Disappointing Data From China, Oil Prices Are Chaotic!

 Crude oil prices slipped lower in early Asian session trading, falling from a 3 -year high reached earlier in the week.


Brent crude traded lower to around $ 70.79 a barrel, while US WTI was gloomy around $ 68.58 a barrel.


Concerns over the global recovery returned to weigh on the market, after seeing disappointing data readings from China.



China’s crude oil imports fell to a 5 -month low of 14.6% in May, after hitting an annual high in the previous month. This is driven by maintenance at the plant which has limited demand for oil.


This has caused investor confidence to see a stronger recovery in crude oil demand to falter again.


Meanwhile, investors are now awaiting the outcome of nuclear talks between Iran and the United States on June 10.


The deal could lead to an increase in Iranian crude oil production by 500,000 barrels but most analysts do not the deal will take place before Iran's presidential election next week.