RAYC - Oil tumbles as banks cut China growth forecasts on virus outbreak

Crude oil is selling off sharply to levels not seen since the swoon in late June as worries about the COVID Delta variant's impact on global growth increase. WTI futures (CL1:COM) -4.5% are approaching $65/barrel. U.S. crude hasn't settled below $66 since late May. Brent futures (CO1:COM) -4.2% are just below $69/barrel. On Sunday, Goldman Sachs cut its forecast for China Q3 and full-year GDP, but does expect the government to bring the outbreak under control in about a month. Goldman predicts annualized growth for Q3 to come in at just 2.3%, down from 5.8%, but boosted Q4 GDP growth to 8.5% from 5.8%, according to Bloomberg. For 2021, GDP is now seen at 8.3%, down from 8.6%, according to economists led by Hui Shan. Today, J.P. Morgan Chase cut its 2021 China GDP forecast to 8.9% from 9.1%, with Q3 lowered to 6.7% from 7.4%. The bank also expects more policy accommodation from

For further details see:

Oil tumbles as banks cut China growth forecasts on virus outbreak