WTI oil closes down 30 cents on concerns about China's economic
West Texas Intermediate (WTI) crude oil futures settled lower on Monday (July 15) after reports that China's economy grew less than expected in the second quarter of 2024, raising concerns among investors about domestic oil demand.
Meanwhile, WTI crude oil futures for August delivery fell 30 cents, or 0.36%, to settle at $81.91 a barrel.
Brent crude oil futures for September delivery fell 18 cents, or 0.21%, to settle at $84.85 a barrel.
China's National Bureau of Statistics (NBS) said on Tuesday that China's gross domestic product (GDP) expanded by just 4.7% in the second quarter of 2024, below analysts' expectations of 5.1% and slowing from a 5.3% expansion in the first quarter of 2024.
China's June retail sales also rose just 2% year-on-year, the slowest pace of growth since December 2022, and a sign that government efforts to restore confidence have done little to boost spending among Chinese consumers.
Hong Kong economists at Credit Agricole CIB say the Chinese government needs more policy support to push the economy towards its 5% growth target after disappointing second-quarter GDP figures.
However, the slowdown in China's GDP has overshadowed positive factors such as expectations that the US Federal Reserve will cut interest rates at its September meeting and tensions in the Middle East that are likely to affect oil supplies.
Two cargo ships were reportedly attacked off the coast of the Yemeni port city of Hodeidah, although no group has claimed responsibility. Since November last year, the Iranian-backed Houthi rebels have used drones and missiles to attack cargo ships in the Red Sea and the Gulf of Aden, claiming it was a show of support for the Palestinians in their war with Israel in the Gaza Strip.
Meanwhile, WTI crude oil futures for August delivery fell 30 cents, or 0.36%, to settle at $81.91 a barrel.
Brent crude oil futures for September delivery fell 18 cents, or 0.21%, to settle at $84.85 a barrel.
China's National Bureau of Statistics (NBS) said on Tuesday that China's gross domestic product (GDP) expanded by just 4.7% in the second quarter of 2024, below analysts' expectations of 5.1% and slowing from a 5.3% expansion in the first quarter of 2024.
China's June retail sales also rose just 2% year-on-year, the slowest pace of growth since December 2022, and a sign that government efforts to restore confidence have done little to boost spending among Chinese consumers.
Hong Kong economists at Credit Agricole CIB say the Chinese government needs more policy support to push the economy towards its 5% growth target after disappointing second-quarter GDP figures.
However, the slowdown in China's GDP has overshadowed positive factors such as expectations that the US Federal Reserve will cut interest rates at its September meeting and tensions in the Middle East that are likely to affect oil supplies.
Two cargo ships were reportedly attacked off the coast of the Yemeni port city of Hodeidah, although no group has claimed responsibility. Since November last year, the Iranian-backed Houthi rebels have used drones and missiles to attack cargo ships in the Red Sea and the Gulf of Aden, claiming it was a show of support for the Palestinians in their war with Israel in the Gaza Strip.
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