• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Commodities

Oil prices slump by 5% on weak China economic data, expected Iran supply

Chike Olisah by Chike Olisah
August 15, 2022
in Commodities, Markets
Oil price surge to boost Nigeria’s foreign reserve by almost $3 billion – Fitch
Share on FacebookShare on TwitterShare on Linkedin

Crude oil prices slumped on Monday due to disappointing economic data from China, the world’s largest crude importer and second-largest crude consumer.

The sharp fall in oil prices is further exacerbated by the news of a potential breakthrough in nuclear power negotiations with Iran, easing the pressure on crude oil markets.

According to data from Oilprice.com, the Brent crude and WTI plunged by about 5% in Monday’s trading to close at $94.18 per barrel and $88.18 per barrel respectively.

RelatedStories

Middle East crisis: Oil prices could hit $140 in 2024 

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
What Israeli-Hamas war means for Nigeria’s economy 

Oil prices near $80 over fears of further conflicts in the Middle East 

October 7, 2024

China’s disappointing economic data

The drop occurred after China’s Central Bank announced a surprise cut in lending rates on the back of weak economic data for July triggered by the Asian country’s restrictive zero-Covid policy.

The Chinese economic data was further dragged down by its property crisis, which saw property investments fall by 12.3% in July—the fastest rate this year.

China’s oil refinery data was also a disappointment, with its refinery output dropping to 12.53 million bpd—the lowest level since March 2020 and 8.8% lower than processing rates in July 2021 due to unplanned shutdowns at state-run refineries such as Sinopec and PetroChina and shrinking refining margins.

Also, the Chinese government has concluded plans to launch another round of tax probes on private teapot refiners, which can potentially cause refinery slowdowns. Teapots account for one-fifth of China’s crude oil imports.

Iran factor in oil price slump

Meanwhile, Iran also played a likely part in the oil prices movement on Monday with the Middle East country suggesting that a nuclear deal agreement could be reached within the next few days if the United States consider its ‘red lines’. A concluded nuclear deal will see Iranian crude returning to the global market with more barrels of oil sent into the market.

What you should know

  • The oil market has been under pressure since this year, mostly due to the Russia-Ukraine war which has affected trade flows from that region.
  • Oil prices had surged since Russia invaded Ukraine, raising concerns about global shortages given the nation’s role as a key commodities supplier, especially to Europe.
  • However, prices had been dropping lower over the past couple of months on concerns about an economic slowdown, shedding all the gains initially made after the invasion of Ukraine by Russia.

Follow us for Breaking News and Market Intelligence.
Tags: oil price
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

Middle East crisis: Oil prices could hit $140 in 2024 
Energy

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
What Israeli-Hamas war means for Nigeria’s economy 
Energy

Oil prices near $80 over fears of further conflicts in the Middle East 

October 7, 2024
Naira
Currencies

Naira rises 1.69% in I&E Window as global crude prices approach $80 

October 5, 2024
Oil price concept
Energy

Oil price to rise above $90 per barrel if Israel-Iran conflict continues – Report  

April 14, 2024
Crude Oil prices
Energy

Oil prices drop by 2% over rumours of Israel-Hamas truce 

February 2, 2024
Crude oil prices
Energy

Oil price soars above 2024 budget benchmark as U.S and Britain orders airstrikes against Houthi rebels 

January 12, 2024
Next Post
Banks warn customers against violation of CBN forex directives

Banks, organised private sector seek increased forex allocation to real sector

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Wedex 2025—One day, one house, one goal
  • Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 
  • Anambra Govt acquires land in Aguata, Orumba for new industrial city 

Follow us on social media:

Recent News

Wedex 2025—One day, one house, one goal

Wedex 2025—One day, one house, one goal

June 12, 2025
Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 

Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 

June 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics