- The rising concerns regarding the Chinese economy hit oil markets, along with stock exchanges, as oil prices decline to the lowest level in the last six years.
Price of the U.S. light crude oil fell under 40 dollars after a long while for the first time to 38.69 dollars. Also, price of the Brent crude oil, the benchmarker for setting fuel prices in Turkey, fell under 45 dollars to 43.28 dollars, for the first time since 2009.
The Chinese stocks fell by around 4 percent on the first day of the week and closed with a loss by around 9 percent after the incessant retails all day long. The Shanghai Composite Index, fell by 8.49 percent to 3,209.91 points.
The slowdown in the Chinese economic growth has been confirmed by the country’s official authorities as well. In this regard, the top-level budgeting institution of China, the National Development and Reform Commission, has recently announced that the country’s economy has been facing many handicaps and difficulties, and the downside pressures over the economy have become more evident.
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