PT Solid Gold Berjangka | WTI Oil Drops to the Lowest in More Than Seven Weeks on Weak China Demand and Investor Disinterest
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Solid Gold Berjangka | West Texas Intermediate (WTI) crude oil fell to its lowest level in nearly two months early Tuesday on weak demand from China and declining investor interest in the commodity.WTI crude closed down $1.08 to $74.73 a barrel, the lowest since June 5, while Brent crude closed down $1.02 to $78.76.
The decline comes as the ruling Communist Party avoids expensive stimulus measures to restore demand while dealing with a debt crisis in the key real estate sector, weak consumer demand, and high youth unemployment.
Hedge funds and money managers sold 103 million barrels of contracts last week, reducing their net position to 380 million barrels from 524 million barrels on July 2, according to Reuters.
Thursday’s OPEC meeting is expected to leave unchanged the voluntary production cut of 2.2 million barrels per day, and despite low demand, OPEC is expected to continue to support prices.
Source MT Newswire