Source: Reuters
“Brent oil prices declined 2% on Tuesday as sluggish economic growth in China, the world’s biggest crude importer, increased demand concerns that overshadowed the impact of halted production and exports from Libya. Brent crude futures fell by $1.65, or 2.1%, to $75.87 a barrel by 1004 GMT. West Texas Intermediate crude futures, which did not settle on Monday because of the U.S. Labour Day holiday, were down $1.06, or 1.4%, at $72.49. … On Monday China reported new export orders fell for first time in eight months in July and that prices of new homes rose in August at their weakest pace this year. In Libya, oil exports at major ports were halted on Monday and production curtailed across the country, six engineers told Reuters, continuing a standoff between rival political factions over control of the central bank and oil revenue.” (09/03/24)