Crude oil markets recovered more than a percent on Tuesday after a sharp drop in the prior session, although prices held near 6-1/2-year lows as continued weakness in Chinese equities triggered fears of an economic tailspin in the region.
China's economy continues to slow and the (U.S.) Fed may still hike rates before the end of the year. That puts further cracks into the two main growth pillars for the world economy of recent years: Chinese demand (including commodities) and easy money," he said, but added that a re-run of Asia's financial crisis in the late 1990s was unlikely.
China stocks slumped about 4 percent on Tuesday, touching eight-month lows, as investors dumped shares after a grim "Black Monday" that battered global markets but failed to prompt fresh rescue measures from Beijing.
After opening 6.4 percent lower, the Shanghai Composite Index (SSEC) trimmed some losses to end the morning down 4.3 percent at 3,071.06 points.
China's economy continues to slow and the (U.S.) Fed may still hike rates before the end of the year. That puts further cracks into the two main growth pillars for the world economy of recent years: Chinese demand (including commodities) and easy money," he said, but added that a re-run of Asia's financial crisis in the late 1990s was unlikely.
China stocks slumped about 4 percent on Tuesday, touching eight-month lows, as investors dumped shares after a grim "Black Monday" that battered global markets but failed to prompt fresh rescue measures from Beijing.
After opening 6.4 percent lower, the Shanghai Composite Index (SSEC) trimmed some losses to end the morning down 4.3 percent at 3,071.06 points.
After starting the day almost unchanged at Rs 1,895 per barrel, the energy futures soon nose-dived into red, on the back of fresh selling.
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