.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.
MyWay
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.
MyWay
posted by madtom at 10:53 PM
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