Oil Prices Down on Weaker Growth in China, US Rate Hike Jitters

Oil prices fell in early trade on Thursday, extending losses to a fourth consecutive session on fears of slowing growth in China and possible further US interest rate hikes weakening fuel demand in the world’s two biggest economies.

Brent crude futures fell 37 cents, or 0.44%, to $83.08 a barrel, while US West Texas Intermediate crude was down 39 cents, or 0.49%, to $78.99 a barrel.

China’s central bank unexpectedly cut key policy rates for the second time in three months this week but analysts worry it may not be enough to arrest the economy’s downward spiral.

Minutes of the US Federal Reserve’s July meeting released on Wednesday also weighed on oil prices, as they showed that the central bank’s officials continued to prioritize the battle against inflation.

Source: Qatar News Agency