China's economic slowdown has finally left its imprint on global stock markets. But the impact has been discernible in the oil market for many months and it has gone further in the last few days.
The reason: China is the world's biggest importer of crude oil.
It took top spot in April this year and even before that was behind only the United Sates.
Slower economic growth in China means less demand for oil than there would otherwise have been.
Of course there are other factors behind the oil price collapse of the last year, some of them leading to abundant supplies. The rise of shale oil in the United States and Saudi Arabia's unwillingness to respond by curbing its own output have also put pressure on the oil price.
But demand is an important element.
And just look at what the impact of all these factors has been.