Oil falls nearly 3% due to falling stocks and Chinese data

Oil falls nearly 3% due to falling stocks and Chinese data

Crude oil prices fell by about 3 percent, under the influence of US stocks retreat on the one hand, and the release of weak economic data from China, which is the second largest economy in the world on the other hand. In spite of the drop in crude oil prices amid growing concerns about slowing global economic growth, but the outlook for low US inventories of crude oil worked to reduce these losses significantly.

US stocks closed down lower, with the S & P 500 index of major US companies by 2.2%, after it had reached its lowest level in a month amid increased bets on higher interest rates with the holy month of October.

It fell futures for Brent blend the world by about $ 1.26 or 2.59% to $ 47.34 per barrel. It also fell futures US crude oil by 2.8%, or the equivalent of $ 1.27 a barrel at the settlement of up to $ 44.43 a barrel.

Besides the decline in US stocks, the weak Chinese data also helped the decline in crude oil prices, as Chinese economic data showed industrial companies' profits declined in China at the fastest pace in almost four years, leading to increasing concerns about the private manufacturing sector, economic data scheduled for release it later this week.

With regard to other commodity markets, it has also dropped the price of gold, to the lowest level in almost two and a half to be traded at $ 1127.7 per ounce, amid increased bets on higher interest rates by the Federal Reserve during the current year.