Home / TIPS / MTECHTIPS:-Crude plummets 3%, as China GDP growth falls to lowest level since ’09

MTECHTIPS:-Crude plummets 3%, as China GDP growth falls to lowest level since ’09

Crude futures plummeted more than 3% on Monday continuing their year-long slump, after quarterly GDP growth in China slowed to its lowest level in more than six years. On the New York Mercantile Exchange, WTI crude for December delivery traded in a broad range between $46.24 and $47.91 a barrel before settling at $46.27, down 1.45 or 3.05% on the session. Texas Long Sweet futures are down more than 6% since surging to 11-week highs near $51 a barrel earlier this month. More broadly,¬†U.S. crude¬†futures are down more than 40% from its level 12 months ago amid a glut of oversupply on global energy markets. On the Intercontinental Exchange (ICE), brent crude for December delivery wavered between $48.58 and $50.67 a barrel before closing at $48.63, down 1.83 or 3.63% on the day. The spread between the international and U.S. domestic benchmarks of crude stood at $2.36, near its lowest level since January. In overnight trading, China’s National Bureau of Statistics reported that GDP growth grew at 6.9% for the third quarter, decelerating at the slowest pace in more than six years. It marks the slowest period of growth in the world’s second-largest economy since the first quarter of 2009 when Chinese GDP rose by 6.2%. Analysts expected third quarter GDP in China to rise by 6.8% for the three-month period ending in September.

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