Monday, 28 September 2015

Oil prices fall on slowing global economic growth outlook

Oil prices dropped in Asian trading hours on Monday despite a fourth weekly fall in US drilling activity, with analysts pointing to the weak economic outlook as the main reason for low crude prices. 
China's August industrial profits dropped 8.8 percent from the same month last year, and January to August industry profits were down 1.9 percent. 
The International Monetary Fund is likely to revise downwards its estimates for global economic growth due to slower growth in emerging economies, IMF head Christine Lagarde said in a newspaper interview. 
In line with bearish sentiment, Brent crude futures LCOc1 were down almost 1 percent, or 45 cents, at USD 48.15 per barrel at 0138 GMT (2038 EDT). 
US West Texas Intermediate (WTI) futures CLc1 were also 1 percent lower, or 47 cents, at USD 45.23 a barrel.

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