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Tuesday, August 25, 2015
The price of crude dropped more than 5% August 8 in the US, with traders attributing this to the China-led economic slowdown. US light crude closed at $38.24 per barrel, its lowest since early February 2009.
On the LSE Brent crude closed down 6% coming in at $42.80 per barrel, its lowest since mid-March 2009.
“Today’s falls are not about oil market fundamentals. It’s all about China,” Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt, told Reuters Global Oil Forum. “The fear is of a hard landing and that things get out of the control of the Chinese authorities.”
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