Market Chatter: Crude Drops Below $90 on Signs of Slowing Chinese Growth
"West Texas Intermediate crude fell below $90 a barrel for the first time in more than two months as service industries in China expanded at the slowest pace in five months in February," Bloomberg reported.
It said: "Prices declined for a third day as the expansion of the non-manufacturing industry in China, the world's second-largest oil-consuming country after the U.S., was the slowest since September after a gauge of new orders declined."
"WTI for April delivery slid 90 cents, or 1%, to $89.78 a barrel on the New York Mercantile Exchange. Oil closed at $90.68 on March 1, the lowest settlement since Dec. 24. Brent for April settlement dropped 60 cents to $109.80 a barrel on the London-based ICE Futures Europe exchange. "
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.