Investing.com – The price of oil fell Tuesday as traders americans returned from their holiday the day after the Martin Luther King Jr. to face gloomy prospects for the global economy, causing a leak of risky assets.
The futures on the West Texas Intermediate crude traded in New York fell to a value of $ 1.79, or 3,31%, to 52,25 $ / barrel, 10h43 ET (15h43 GMT).
At the same time, the Brent, the price index of oil out of the United States, has slipped 1.88 USD or 3.00%, 60,86 USD.
The world economic Forum (WEF) in Davos, Switzerland, has officially opened its doors on Tuesday. Political leaders and business leaders have been warned of the growing risks to the global growth.
The international monetary Fund published its world economic forecasts updates Monday on the eve of the event, and lowered its forecasts for global growth.
“After two years of solid course of expansion, the global economy is growing more slowly than expected, and the risks increase,” said to the press, Christine Lagarde, managing Director of the IMF.
The IMF has explained that a stronger slowdown than expected in China and in the euro area had been forced to reduce its outlook for this year and 2020 and warned that a failure in the resolution of trade tensions could further destabilize the slowing of the global economy.
The degradation of the note of the IMF on Monday occurred just hours after China announced its quarterly economic growth slowest since the financial crisis and its annual expansion the weakest since 1990.
“The slowdown in manufacturing activity in China weighs probably on the request,” said the broker petroleum based in Singapore, Eastport.
The Commission of development and reform national (NDRC), the principal planner economic of China, announced on Tuesday that the economic pressure would hit the labour market.
“From the point of view of “changes”, the external environment is complex and austere,” said Meng Wei, spokesman of the NDRC. “In the changes, there is nothing to worry about and there is a downward pressure on the economy. To a certain extent, the pressure will be transmitted to the jobs.”
In the trading of other energy sources, contracts on gasoline have fallen to 3,69% to 1,3992 dollar a gallon at 10: 48 pm ET (15h48 GMT), while the domestic fuel oil has lost 2.26 per cent to 1,8727 dollar a gallon.
Finally, the futures contracts on natural gas have dropped 9.56% to 3,149 usd per million british thermal units.
– Reuters contributed to this report.