2023-08-16 20:00:00
Oil prices fell today, extending the previous session’s losses of 1%, as weak economic data from China outweighed the scarcity of US crude supplies.
Brent crude futures fell 21 cents to $84.68 a barrel, while US West Texas Intermediate crude fell 20 cents to $80.79, according to Oman News Agency.
China’s economic activity data for July, released on Tuesday, continues to push the market lower, following retail sales, industrial production and investment missed expectations, raising concerns regarding a more severe and prolonged slowdown in the growth of the world’s second-largest economy.
Stronger-than-expected retail sales data in the United States, the world’s largest oil consumer, raised concerns that interest rates might remain high for longer, and higher borrowing costs for businesses and consumers might slow economic growth and reduce demand for oil.
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