Oil prices dip on concerns about the pace of economic growth in China and stronger dollar

06-Jan-16

Oil prices fell amid concerns about the pace of economic growth in China and a stronger the dollar, handing back some of the gains triggered by an escalation of tensions in the West Asia, as per Reuters. Global benchmark Brent crude prices slipped to US$37 a barrel while US West Texas Intermediate (WTI) crude slipped to US$36.6 a barrel. Chinese stock markets fell again on Tuesday after a 7% dive on Monday, rattling markets worldwide and prompting action from the central bank and stock market regulator. Concerns about the economy in China, the world's second-largest oil consumer, were worsened by news that national rail freight volumes logged their biggest ever annual decline in 2015.