Oil trickled down as poor Chinese economic data spurred demand worries
International benchmarks for crude oil inched down by 1.7% on Monday, 17 July 2023, instigated by the underperforming economic growth in China calling into question the robustness of the demand from the world’s second-biggest oil consumer.
International benchmarks for crude oil inched down by 1.7% on Monday, 17 July 2023, instigated by the underperforming economic growth in China calling into question the robustness of the demand from the world’s second-biggest oil consumer. Also playing into prices this session is the partial reopening of the previously halted Libyan outputs.
Concerns over the Chinese economy were brought to light after the nation’s GDP grew about 6.3% yearly during the second quarter against a 7.3% expectation, further proving China’s struggles in a post-pandemic recovery.
Aggravating the situation is the announcement on Monday that two of three Libyan oil fields have resumed operating. The outputs had been held back last Thursday 13 July, due to protests regarding the abduction of a former finance minister.
Brent crude ended the session down $1.37 or 1.7% at $78.50/barrel.
US West Texas Intermediate fell by $1.27 or 1.7% at $74.15/barrel.