Weak Chinese economic data fuelling recessionary concerns and slowing demand dragged oil prices to its lowest level in six month. Chinas central bank cut interest rates unexpectedly on Monday as official data revealed weaker-than-expected industrial production and retail sales growth amid falling property investment. Industrial production growth in China decelerated to 3.8 percent in July from 3.9 percent in June, while retail sales advanced 2.7 percent in July, slower than the 3.1 percent rise in June. WTI crude oil prices fell by more than 4% on Monday and are currently quoting down half a percent at $88.94 per barrel. Powered by Commodity Insights
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