China slump drags down oil prices, Brent crude now $45

China slump drags down oil prices, Brent crude now $45

Monday, August 24, 2015 11:18 am


Prices keep falling , no thanks to China

Prices keep falling , no thanks to China

Brent and U.S. crude oil futures hit their fresh 6-1/2-year lows on Monday, as investors continue to worry about weak demand as China’s economy slows amid a global supply surplus.

Brent oil lost 44 cents at $45.02 a barrel as of 0125 GMT after hitting its intraday low of $45.00 earlier the day. That’s the lowest since $42.59 marked in March of 2009. On Friday it ended $1.16, or 2.5 percent, lower at $45.46 a barrel.

U.S. October crude also had dropped 60 cents to $39.85 a barrel, after hitting $39.71 a barrel or the lowest since $39.44 in March of 2009.

In the previous session it settled 87 cents, or 2.1 percent, lower at $40.45 a barrel.

 

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