Oil price dip keeps Brent below $80 on China demand concerns
TradingKeyAug 19, 2024 1:15 PM
- Oil prices dipped on Monday, with Brent staying below $80 due to concerns over demand in China, the top oil importer.
- Brent crude futures fell by 0.8% to $79.05 a barrel, while U.S. West Texas Intermediate crude (WTI) futures dropped by 0.9% to $75.94.
- Investor worries about China's slow demand growth, combined with the end of the U.S. peak driving season, contributed to the decline, despite supply risks from Middle East tensions and the Russia-Ukraine conflict supporting the market.
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