{"id":19801,"date":"2023-07-31T11:39:59","date_gmt":"2023-07-31T11:39:59","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy"},"modified":"2023-07-31T12:01:38","modified_gmt":"2023-07-31T12:01:38","slug":"oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy","title":{"rendered":"Oil down on demand fears after data signals China’s weakening economy"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Oil prices dipped on Monday as market risk appetite was impacted by worse-than-expected Chinese industrial data, but losses were capped by intervention to support the world’s largest oil importer’s weakening economy.<\/p>\n

International benchmark Brent crude traded at $84.25 per barrel at 9.57 a.m. local time (0657 GMT), a 0.19% loss from the closing price on Friday of $84.41 per barrel.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $80.44 per barrel, down 0.17% from the session close of $80.58 per barrel on Friday.<\/p>\n

Oil prices rose to their highest level since January 2022, with Brent briefly topping $85.09 during Friday’s trading session as investors digested the US Federal Reserve’s latest decision to raise interest rates by 25 basis points, as expected.<\/p>\n

However, the rising oil price trend was halted by the National Bureau of Statistics (NBS) report on Monday of restricted growth of 49.3 in July from 49 in June.<\/p>\n

Nonetheless, further price declines were halted on hopes that China would issue a stimulus plan to boost its economy in response to emerging bearish data.<\/p>\n

Price increases were aided by growing concerns about a tighter market ahead of OPEC+’s latest production cuts, led by Russia and Saudi Arabia, which take effect on Aug. 1.<\/p>\n

Russia, Saudi Arabia and Algeria agreed on new cuts in July, in addition to the OPEC+ group’s already planned output caps of about 2 million barrels per day (bpd) in October 2022 and 1.6 million bpd in May.<\/p>\n

Russia said it would reduce oil exports by 500,000 barrels per day (bpd) in August to ensure market stability.<\/p>\n

Its decision came on the same day that Saudi Arabia and Algeria said they would cut output by 1 million bpd and 20,000 bpd, respectively.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Oil prices dipped on Monday as market risk appetite was impacted by worse-than-expected Chinese industrial data, but losses were capped by intervention to support the world’s largest oil importer’s weakening economy. International benchmark Brent crude traded at $84.25 per barrel at 9.57 a.m. local time (0657 GMT), a 0.19% loss from the […]<\/p>\n","protected":false},"author":84,"featured_media":19800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,1215,171,233,1217,1216],"class_list":["post-19801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eritrea","tag-brent","tag-china","tag-eritrea","tag-oil-prices","tag-wti"],"yoast_head":"\nOil down on demand fears after data signals China's weakening economy - Eritrea<\/title>\n<meta name=\"description\" content=\"Oil prices dipped on Monday as market risk appetite was impacted by worse-than-expected Chinese industrial data, but los ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil down on demand fears after data signals China's weakening economy\" \/>\n<meta property=\"og:description\" content=\"Oil prices dipped on Monday as market risk appetite was impacted by worse-than-expected Chinese industrial data, but los ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-31T11:39:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-31T12:01:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/07\/sm_1690788478.253866.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil down on demand fears after data signals China’s weakening economy\",\"datePublished\":\"2023-07-31T11:39:59+00:00\",\"dateModified\":\"2023-07-31T12:01:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy\"},\"wordCount\":302,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/07\/sm_1690788478.253866.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Brent\",\"CHINA\",\"Eritrea\",\"oil prices\",\"WTI\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-down-on-demand-fears-after-data-signals-chinas-weakening-economy\",\"name\":\"Oil down on demand fears after data signals China's weakening economy - 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