GLOBAL OIL PRICE DAZZLED BY LOW ENERGY DEMAND AS BRENT CRUDE OIL DECLINE TO 1.4% .

Oil prices dropped on Wednesday, after weaker-than-expected industrial production data for China increased investors´ worries regarding a global economic slowdown and lower energy demand. US crude oil went down more than 1.8% to $56.14 per barrel around 06:40 AM NY time, after hitting a near two-week high of $57.47 per barrel in the previous session amid renewed optimism regarding the trade deal between the US and China. Meantime, Brent crude oil dropped nearly 1.4% to $60.37 per barrel. Historically, Crude oil reached an all time high of 147.27 in July of 2008 and a record low of 1.17 in February of 1946.

Crude oil is the world’s most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so