Oil market fell to two-month lows amid demand concernsThe market has been heavily influenced by concerns over China's economic performance. Despite Chinese leaders' promises to bolster the economy, investors remain skeptical about the impact of potential measures. |
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Crude oil prices retreated to their lowest levels in nearly two months on Tuesday, 30 July, as the outlook for demand in China remained bleak and traders awaited key data points.
Brent futures fell $1.15, or 1.4%, to settle at $78.63/barrel.
WTI crude declined $1.08, or 1.4%, to $74.73/barrel.
The market has been heavily influenced by concerns over China's economic performance. Despite Chinese leaders' promises to bolster the economy, investors remain skeptical about the impact of potential measures.
Adding to the market's uncertainty, discussions about a possible ceasefire deal in Gaza have been ongoing for days. Such a development could potentially reduce the geopolitical risk premium that has been supporting crude prices.
Written by: Rochelle Nguyen