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Oil Takes a Surprise Tumble. Blame Soft Demand in China.

Por: MarketWatch Business May 06, 2023

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International oil prices fell 9% in just three days this past week, trading down to $72.33 per barrel, the lowest level since December 2021. The price of West Texas Intermediate, the U.S. benchmark, fell below $70 for the first time since March, erasing all of the gains it had made since OPEC’s announcement, and then some. The problem is that global demand for oil hasn’t rebounded as strongly as the bulls had expected. China’s economy has... + full article



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