Amid concerns of slowdown in China and US Fed Reserve’s roll back plan, Brent sinks by US$3

21-Jun-13

Brent crude crashed by 3 dollars to US$103, while oil on the Nymex fell by over 2 dollars to US$95.8. Prices have crashed under pressure from a slowing Chinese economy, and on decision of the U.S. Federal Reserve to roll back its stimulus program. A survey of Chinese manufacturing activity in June pointed to possible sharper slowdown this quarter. US Fed Chairman Ben Bernanke said on Wednesday the U.S. economy was expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year.