- August 16, 2022
- Posted by: Stratford Team
- Category: Economy
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Oil prices tumbled Monday after China’s central bank unexpectedly cut rates after data showed economic activity slowed broadly in July, including consumer spending and factory output, reigniting concerns of a global downturn.
Signs of further cooling in the world’s second-largest economy, already under stained from China’s zero-covid policy and a real estate crisis, alarmed energy markets. The prospect of lower demand sent oil prices sliding 5 percent — pushing West Texas Intermediate crude to $87 a barrel.
The July data signaled that the post-lockdown recovery is fizzling amid an array of economic challenges, including the enduring threat of the coronavirus pandemic. Similar to the conflicting priorities that central bankers from other nations are facing, Chinese officials are eyeing rising debt and inflation. But a sputtering domestic economy appeared to take priority.
“The [People’s Bank of China] seems…
