The move to a price last seen at the height of the financial crisis, in February 2009, could come amid a seasonal falloff in demand, coupled with concerns about the Chinese economy and the continuing global glut of crude. Cheaper oil would bring further joy to consumers and businesses around the globe.
Last week, a surprise devaluation of the yuan sparked fears about a hard landing in China, the world’s second-biggest oil consumer.
The market is also now preparing for millions of barrels of Iranian oil, after the nuclear deal struck between global powers and Tehran.
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