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Oil prices hit new 26 month low on China concerns
The price of a barrel of oil slipped to a 26-month low during trading yesterday, hit by signs of a slowdown in China and despite the impact of new sanctions on Russia.
Brent crude, the global oil benchmark, saw its price fall as low as $96.21 a barrel in trading on the Ice futures exchange, the lowest level since July 2012.
Weak economic data from China showing factory output growth in August at a six-year low fuelled concerns of a slowdown in Asia’s largest economy.
Meanwhile, new sanctions on Russia could also hit joint ventures by western oil companies, hampering exploration efforts.
Oil reached a peak of $115.71 in mid June, but the price has fallen nearly $20 since then.