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People sharing a scooter ride past oil rigs in Cangzhou on February 25, 2009, in northern China's Hebei Province, near Bohai Bay, the innermost gulf of the Yellow Sea on the coast of northeast China, where PetroChina and the China National Offshore Oil Corporation (CNOOC) drill for oil. While continuing its domestic efforts for more oil, from the Taklamakan Desert in the far west province of Xinjiang to the Bohai Sea in the east, China has become increasingly keen on seeking overseas natural resources to help fuel and sustain its rapid economic growth. AFP PHOTO/Frederic J. BROWN (Photo by FREDERIC J. BROWN / AFP) Image used for illustrative purpose.
The price of key US oil contract, West Texas Intermediate, tumbled more than five percent Tuesday after a report said Israel was not looking to strike Iran's crude facilities.
WTI fell as low as $70.10 a barrel, while European benchmark Brent North Sea crude slumped close to five percent to $73.69, also owing to expectations of lower demand from China's struggling economy, according to analysts.
