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China stocks steep decline brings Brent crude oil fall to 4 month low of $53.33

on Tue Jul 28, 2015 10:34 am
Oil hit four-month lows on Monday after a steep drop in Chinese stock markets spread concerns about the economic health of the world's biggest energy consumer and more evidence emerged of a global supply glut.

Chinese stocks tumbled more than 8 percent on Monday the biggest one-day drop in eight years which later in the day led European equities markets to a two-week low.

'Today's oil price fall has been driven by the slump in Chinese stock markets' said Carsten Fritsch senior oil market analyst at Commerzbank in Frankfurt.

Front-month Brent crude fell to an intraday low of $53.33 a barrel its lowest in more than four months and down $1.29 on the previous close.

It last traded at $53.65 down 97 cents at 1430 GMT. On Friday Brent closed at $54.62 its lowest finish since March 19.

US crude for September was down 96 cents at $47.68 a barrel.

ukrainebusiness.com.ua


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