Crude Oil Plummets On China Growth Concerns

2 May 2022 , 05:02 PM

Crude Oil Plummets On China Growth Concerns Crude oil prices fell on Monday amid concerns about weak economic growth in China which is the worlds top oil importer. West Texas Intermediate (WTI) crude futures fell sharply to $101.67 a barrel. Prices fell after China released data on Saturday showing that factory activity in the worlds second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. Meanwhile, the number of total active drilling rigs in the United States rose by 3 this week, after an increase of 2 rigs in the week prior, according to new data from Baker Hughes published on Friday. The total rig count increased to 698 this week?258 rigs higher than the rig count this time in 2021 and the highest count since April 2020. Drilling has picked up substantially since the Russia invasion, adding 48 rigs over the last nine weeks. Oil rigs in the United States rose this week by 3 rigs to 552, while gas rigs stayed the same at 144. Miscellaneous rigs also stayed the same, at 2.

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