Russia’s Deputy Finance Minister Maksim Oreshkin believes the slowdown of China’s economy may bring crude oil prices to around $30 per barrel.
“The Chinese recession may push oil prices back to the levels of the beginning of the year,” Russian news agency TASS cited Oreshkin on May 18.
We remember some data from China confirms its economy is continuing to slow down. At least, official and private indexes used to gauge the country’s manufacturing activity indicate a negative trend in the sector.