Home Economy Oil Prices Fall as Traders Fear Chinese Economic Slowdown

Oil Prices Fall as Traders Fear Chinese Economic Slowdown

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Oil prices fell on Monday, extending a recent stretch of turbulent trading after data showing that China’s economic recovery slowed more than anticipated last month.

U.S. crude prices slid 2.9% to $66.43 a barrel, dropping to around their lowest levels since late May and about 12% below last month’s multiyear high. Prices have retreated as cases of the Delta variant of the coronavirus surge around the world, fueling fears that a new wave of travel restrictions will soften demand for fuel.

The spread of the Delta variant and extreme weather contributed to a larger-than-expected slowdown in China’s economy in July, figures released Monday showed. Indicators of industrial, consumption and investment activity all showed growth retreating faster than expected and decelerating from June’s yearly growth rates.

The data are a concern for commodity traders because China is the world’s largest importer of oil and…

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