Home / Industry / Energy /  Brent crude hits fresh 6-month low amid slowdown worries
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New Delhi: Crude oil prices continued to trade on a subdued note on Wednesday with Brent futures touching fresh lows amid concerns over a global economic slowdown.

The October contract of Brent on the Intercontinental Exchange hit a six-month low of $91.58 a barrel during the session.

Around 2.10 pm, the futures contract was at $91.85 per barrel, lower by 0.53% from its previous close.

The September contract of West Texas Intermediate (WTI) on the Nymex was trading at $86.25%, lower by 0.32% from its previous close.

Hopes of a revival in US-Iran talks for the Iran nuclear deal have also led to further easing oil prices.

“Demand concerns, China’s virus spread and prospect of higher supply from Iran amid progress in Iran’s nuclear talks weighed on the crude price. Crude has been setting fresh lows indicating weaker sentiment however we may see some recovery if US inventory report notes a decline in US crude oil stocks," said Ravindra Rao, head of commodity research at Kotak Securities.

Weak economic data from the US and China spurred concerns of a global recession. A recent US survey shows that the homebuilder sentiment (HMI) in the largest economy of the world has weakened and developers feel the country is going through a “housing recession".

Weaker-than-expected economic data from China also weighed on investor sentiments. China’s retail sales and factory data witnessed a growth, but were far below market expectations, analysts said. Retail sales grew by 2.7% in July from a year ago and industrial production rose by 3.8% on a year-on-year basis.

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