Oil Prices Drop by 1.5% To Below $70

According to the information compiled from the industrial production and retail sales data showing the slowdown in economic activities in China, the decrease in fuel demand in China caused oil prices to fall by about 1.5% on the first working day of the week, falling below $70.

The barrel price of Brent oil is currently trading at $69.57, while the American West Texas oil (WTI) continues to trade at $67.35/barrel, down 1.6% compared to Friday.

It is estimated that the amount of oil processed by refineries in China has reached the lowest level observed since May 2020 in July, and that the coronavirus emergency measures continue to put pressure on the growth of Japan, and that oil prices will continue to decrease.