Oil prices fall due to demand in China.

Oil prices fell due to concerns about declining demand in China

Oil prices fell as concerns about declining demand in China, the largest oil importer, weighed on market sentiment at the time.

According to Reuters, Brent crude oil futures fell by 45 cents, or 0.56%, to $79.23 per barrel. Futures for American oil of the West Texas Intermediate brand fell by 58 cents, or 0.76%, to $76.07 per barrel.

Last week, both benchmarks fell by almost 2%, as investors lowered expectations for demand growth from China, but ended the week virtually unchanged compared to the previous week after US data showed last week that inflation is moderate and retail spending remains stable.

It is noted that China’s economy lost momentum in July: new housing prices fell at the fastest pace in nine years, industrial production slowed down, and unemployment increased.

This caused traders to worry about falling demand from China, where last month refineries sharply reduced crude oil processing volumes due to low fuel demand.

Source: Economic Truth