Follow-up – WAA
Oil prices fell on Tuesday on concerns that a slowing Chinese economy is weighing on demand, but a growing consensus that the Federal Reserve will start cutting interest rates in September limited the decline.
Brent crude futures fell 9 cents, or 0.1%, to $84.76 a barrel, while U.S. West Texas Intermediate crude fell 13 cents, or 0.2%, to $81.78.
China’s economy grew much more slowly than expected in the second quarter, weighed down by a prolonged property downturn and job insecurity.
Official data showed the world’s second-largest economy grew 4.7% in the April-June period, the slowest pace since the first quarter of 2023 and below expectations of 5.1% in a Reuters poll. It also slowed from 5.3% in the previous quarter.
China’s refinery throughput fell 3.7 percent in June from a year earlier, official data showed on Monday, down for a third month due in part to scheduled maintenance, while lower refining margins and weak fuel demand prompted independent plants to cut output.
Source: Arabic