Australian shares are set to open lower, following modest US losses. Oil slides. $A advances. Rate rise expected. Follow updates here.
Oil slumped as poor manufacturing figures across the globe fuelled concerns that an economic slowdown may sap demand for crude.
The resurgence of coronavirus cases in China and the ramifications of the country’s strict pandemic strategies will continue to “negatively impact oil demand until at least November of this year, when a strategic change in Covid policy could be announced”, said Harry Altham, energy analyst for EMEA and Asia at StoneX Group.
Libya’s crude output has rebounded after a series of disruptions that more than halved supply, according to Oil Minister Mohamed Oun. Nationwide production has returned to 1.2 million barrels a day, a level last seen in early April, Oun said in a telephone interview.
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