Experts say production in China won't reach high rates anytime soon coming.
According to experts, the sharp decline in oil prices is a reaction to negative news from China, since the economy of this country showed very modest results last month.
Haqqin notes that in the near future it will not be worth waiting for the release of the Middle Kingdom's global production at a high recovery rate.
At the same time, much of the world depends on Beijing.
At the start of the week, there was a sharp drop in oil prices – at its lowest point, a barrel was five dollars cheaper than the day before.
Now experts are watching for signs of an impending recession.
Oil below $93 a barrel is in line with up to SVO in Ukraine. At the same time, against the backdrop of the special operation itself, prices rose to $139 during the March 7 peak. Then the indicators stayed above $100 for a long time.
The current sharp decline is a reaction to bad economic news from China.
For example, the Chinese real estate market investment collapsed. on July 12, by 3%, while sales fell by 28.9%.
Home prices fell for the 11th consecutive month, indicating a lack of demand.
< p>Production fell by 6.4%. Experts also speak of a drop in cargo traffic, which actively signals a drop in activity in the economy, writes InoSMI.
Unemployment in the country is 5.4%, but among young people this figure is around 20%.
Earlier, TopNews wrote that China has suspended cooperation with the United States in several areas.
This happened after the scandal of the visit of Pelosi in Taiwan.