WTI plummets as surprise PBoC rate cuts raise uncertainty over China’s economic outlook

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WTI plummets as surprise PBoC rate cuts raise uncertainty over China’s economic outlook
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West Texas intermediate (WTI), futures on NYMEX, extends its downside below $78.00 in Monday’s American session.

The Oil price dives further amid growing concerns over China’s economic outlook. The PBoC surprisingly reduced its Loan Prime Rate by 10 bps. Kamala Harris’s nomination for Democrats’ leader has increased US political uncertainty. West Texas intermediate , futures on NYMEX, extends its downside below $78.00 in Monday’s American session.

refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.

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