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China’s oil futures plunge on Tuesday amid amid fears of economic recession in major economies. The most-traded crude oil futures on the Shanghai International Energy Exchange, for September delivery, tumbled 4.4% to close the morning session on Tuesday at 669 yuan per barrel.
The September contract of low-sulphur futures on the bourse tumbled by 5.5% to 5,216 yuan per tonne. The September contract of fuel oil futures on the Shanghai Futures Exchange fell by 4.2% to 3,163 yuan per tonne.
In the global market, oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week’s meeting of OPEC and its producer allies on supply.
Brent crude futures fell 3.8%,to settle at $100.03 a barrel, having fallen to a session low of $99.09 a barrel. US West Texas Intermediate crude fell 4.8% to settle at $93.89 a barrel, after hitting a low of $92.42.
Factories across the US, Europe and Asia struggled for momentum in July as flagging global demand and China’s factory activities contacted again in July amid COVID-19 restrictions.
