Monday, 24 August 2015
MCX TIPS-Brent, US oil mark fresh 6-1/2-yr lows on China
Brent and US crude oil futures hit fresh 6-1/2-year lows on Monday as investors fretted that a slowing Chinese economy will lead to weaker demand amid a global supply surplus.
Other commodities also hit fresh lows in early Asian trading as fears spread that a more severe slowdown in China would pull down other economies in the region, denting energy and raw material consumption.
Brent oil LCOc1 was trading down 94 cents at an intraday low of USD 44.52 a barrel as of 0251 GMT, its lowest since March 2009.
On Friday it ended USD 1.16, or 2.5 percent, lower at USD 45.46 a barrel.
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