oil prices plummeted to the lowest level in months on monday morning after worsethanexpected data from china showed its economy unexpectedly slowed last month—fueling concerns that weaker market conditions could temper oil demand and potentially spark a global recession this year the price of west texas intermediate slipped more than 5 monday to 87 per barrel—its lowest level since january—while international benchmark brent crude also fell more than 5 to a sixmonth low of about 93 per barrel the plunge came after overnight data from china showed the nations economy slowed in july amid ongoing covid lockdowns property market uncertainty and global recession fears—prompting a surprise interest rate cut from the peoples bank of china to help bolster consumer demand it seems the reopening boost was both uninspiring and shortlived oanda analyst craig erlam said in emailed comments monday blaming the very disappointing data for the morning selloff in commodity markets and saying the figures are a concern for oil demand—especially as china remains committed to its zerocovid policy with covid cases continuing to rise in china erlam expects the downward pressure on oil prices could intensify in the coming weeks but many experts predict prices should recover later in the year after reporting a record 484 billion profit for the second quarter oil giant saudi aramco said in its earnings release this weekend that it expects oil demand will continue to grow for the rest of the decade—despite the downward economic pressures on shortterm global forecasts surging energy prices pushed us inflation to its highest level in 40 years but global recession fears have since helped oil prices fall from 14year highs the price of brent crude has fallen more than 27 since its high in march nevertheless prices are still up nearly 20 this year the gains have been fruitful for oil companies with the sp 500 energy index soaring 41 this year while the broader sp has tumbled 11 what to watch for on monday iranian officials said they will respond to a proposed deal that could help restore the nations global energy exports likely pushing oil prices down further erlam says the deal could help oil prices slip below 90 and perhaps even stay there as oil prices tumble gas prices have fallen in tandem the average price at the pump fell for the 61st straight day on monday to 392 per gallon according to gasbuddy down from an alltime high of more than 5 reached in march oil selloff continues amid recession ‘panic’ but analysts predict prices will rebound later in 2022 forbes new china covid19 lockdowns would threaten us economic recovery just ask tesla forbes