Oil Price: huge US crude build and slowing Chinese economy rattle the markets

[hemanthaa@mail.com + 64]

The US crude build, confirmed by both API and EIA this week, is causing anxieties in the crude oil markets at a time economists are really worried about the state of the global economy as a whole. The outlook got even gloomier when the latest Chinese data confirms that a key indicator, the PMI, Purchasing Managers Index, has dropped by 3.25% since February this year, implying a slowing growth - when the leaders anticipated 5% growth, by contrast. 

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[Ron Wagner + 710]

The loss of oil exports to China should help Europe to meet its needs much more easily, I would think.