Sunday , January 17 2021

Oil decreased by 1% while warning of a job loss with China and hike in Korea

Oil platform in the Caspian Sea on October 17, 2018. Photo by Maxim Chimitov

Sidney / Singapore (Reuters) – Oil prices have dropped by almost 1% as signs of global economic downturn, worries over fuel demand in the future have increased.

Brent crude was $ 6201 per barrel, below the 0601 GMT, 65 cent down or 1 percent earlier.

US WTI 1.1 percent or 58 cents to $ 53.22.

China's official planning committee on Monday warned that the pressure on the economy will affect the labor market, while the decrease in factory order will reduce activity in the coming months and lose more jobs.

On Monday, China reported the lowest annual growth rate since 1990.

In an indication of economic weakness, official data said on Tuesday that South Korea's export-oriented economy has been the lowest in a year, which was 2.7 percent in 2018.

Halda Kandil ready for alabani publication – edited by Ahmed Elhammi

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