In the New York crude oil market on the 7th, international crude oil futures prices temporarily fell below 2 barrel = 1 dollars for the first time in about two and a half months against the backdrop of growing concerns that crude oil demand will fall due to the slowdown in the Chinese economy.
In the New York crude oil market on the 7th, the price of WTI futures, which is an indicator of international transactions, temporarily fell below 1 barrel = 80 dollars, and fell to the level of 1 barrel = 77 dollars.
This is the first time in about two and a half months since late August that the price of WTI futures has fallen below $1 per barrel = $80.
This is due to growing concerns that the Chinese economy will slow down and demand for crude oil will fall due to the fact that China's export value declined for the sixth consecutive month in last month's trade statistics released on the 8th.
WTI futures prices have been on an upward trend for a while since July 2, when the Islamic organization Hamas attacked Israel and Israel's retaliatory operations began, but turned downward due to concerns about the impact of military conflict on oil-producing countries.
"Although the situation in the Middle East continues to be tense, concerns about the military conflict between Hamas and Israel extending to oil-producing countries have eased from the beginning," said a market participant.