Oil Prices Fall on Sour Economic News from China
NEW YORK (AP) – The price of oil is falling on an unexpectedly weak economic report from China and warnings of a further slowdown. Benchmark crude is down 53 cents to $95.87 Monday morning.
Data released Monday showed China’s imports shrank unexpectedly in August, and the Chinese president warned growth could slow further. Factory output is now at a three-year low. It’s troubling news from the world’s second-largest economy, especially when growth in the world’s No. 1 economy – the U.S. – has also slowed.
On Friday, the U.S. government reported the economy added a weaker-than-expected 96,000 jobs last month.
A hope of stimulus in both countries is preventing oil prices from falling further. Officials at the U.S. Federal Reserve are set to convene Wednesday.