Oil-price shock couldn’t come at worse time for world economy

Data out yesterday from China included the worst single-month reading for industrial output since 2002. In July, the International Monetary Fund (IMF) reduced its global growth outlook – already the lowest since the financial crisis – to 3.2% this year and 3.5% next; a rate of 3.3% or lower would be the weakest since 2009

Hong Kong: The record oil-price surge after a strike on a Saudi Arabian oil facility couldn’t come at a worse time for a world economy already in the grip of a deepening downturn.

While the severity will depend on how long the price spike endures, the development will further erode business and consumer confidence that already are fragile amid the US-China trade dispute and slowing global demand.