Global oil prices hit seven-week low amid demand concerns
The sentiment in the oil market has been subdued following China’s report of its weakest economic growth in five quarters earlier this month. The nation’s oil import volumes have faltered, as refiners’ return from maintenance has proceeded at a slow pace.
Oil prices fell to their lowest levels in seven weeks on Monday, 29 July amid growing doubts about the strength of global demand. Investors are now looking ahead to the upcoming OPEC+ meeting for guidance on future supplies.
Brent crude settled below $80 for the first time since early June, closing at $79.78/barrel, down $1.35, or 1.7%.
West Texas Intermediate (WTI) slipped below $76/barrel, ending at $75.81, a decrease of $1.35, or 1.8%.
The sentiment in the oil market has been subdued following China’s report of its weakest economic growth in five quarters earlier this month. The nation’s oil import volumes have faltered, as refiners’ return from maintenance has proceeded at a slow pace.
Written by: Rochelle Nguyen