Oil Prices Plunge to Two-year Low amid Drop in Asia’s Imports

Oil Prices dropped more than 3.41% to two-year low, on Saturday amid lower demand in the world's biggest oil importers, including China and India.

Chinese consumption has disappointed oil market optimists so far this year, raising market concerns about demand in the second half of the year amid a weak economy, an ongoing property crisis and weak fuel demand.

While the slowdown in imports in India, the world's third-largest importer of crude oil, can be attributed to seasonality and lower demand in the monsoon season.

The Brent crude dropped 3.41% on Saturday to $73.52, while the West Texas Intermediate (WTI) plunged 3.66% at $76.81.

Latest Oil Prices 

WTI Crude            $73.52          -3.66%

Brent Crude        $76.81           -3.41%

Murban Crude   $75.69           -3.95%

Natural Gas        $1.967           -0.05%

Louisiana Light  $79.64           -1.99%

Bonny Light       $86.00           -0.72%

Opec Basket      $80.79           +0.17%

Mars US             $75.97            -1.81%

Gasoline            $2.318             -3.35%