Brent crude fell 28 cents to $84.48 a barrel by 0908 GMT, while U.S. West Texas Intermediate lost 30 cents to $80.53
Oil fell for a second day on Tuesday as upbeat Chinese economic data failed to deflect the focus from a possible increase to U.S. interest rates and wider concern about the growth outlook.
Brent crude fell 28 cents, or 0.3 per cent, to $84.48 a barrel by 0908 GMT, giving up early gains. U.S. West Texas Intermediate lost 30 cents, or 0.4 per cent, to $80.53. Earlier in the session oil had found support from figures showing that China’s economy grew by a faster than expected 4.5 per cent in the first quarter and that oil refinery throughput rose to record levels in March.
But the prospect of another increase to U.S. interest rates, which has been supporting the U.S. dollar, remained a drag on sentiment. Traders expect the U.S. Federal Reserve to raise rates by 25 basis points at its May meeting.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Putin meets Chinese defence minister, both sides hail military cooperationRussian President Vladimir Putin met Chinese Defence Minister Li Shangfu in Moscow on Sunday and both men hailed military cooperation between the two nations,…
Read more »
G7 coalition to keep Russian oil price cap at US$60 per barrel, source saysThe move comes despite rising global crude prices and calls by some countries for a lower price cap to restrict Russia’s revenues
Read more »
Meet the Chinese billionaire who donated to the Trudeau FoundationAn examination of corporate records paints a picture of Zhang as a highly connected networker, whose close ties to Beijing should have raised flags long ago
Read more »
Oil dips after four weekly gains on demand headwinds, dollar - BNN BloombergOil lost ground after a fourth week of gains as a rallying U.S. dollar and demand headwinds countered warnings from the International Energy Agency of higher prices ahead.
Read more »
Oil prices steady as market awaits China’s GDP dataBrent crude futures nudged 7 cents lower to $86.24 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude was down 6 cents at $82.47
Read more »
Ukraine says it is finding more Chinese components in Russian weaponsLONDON/FRANKFURT — Ukrainian forces are finding a growing number of components from China in Russian weapons used in Ukraine, a senior adviser in President…
Read more »