Oil dropped by more than one per cent on July 17 after weaker than expected Chinese economic growth fueled concern over demand in the world’s second-biggest oil consumer, while a partial restart of halted Libyan output also pressured prices. China’s gross domestic product (GDP) grew 6.3 per cent year-on-year in the second quarter, compared with analyst forecasts of 7.3 per cent, with its post-pandemic recovery faltering rapidly owing to weakening demand at home and abroad.
Brent crude fell 97 cents or 1.2 per cent, to $78.90 a barrel and US West Texas Intermediate crude dropped by 83 cents, or 1.1 per cent, to $74.59 on a second straight day of losses for both contracts.
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Updated: 17 Jul 2023, 09:32 PM IST