{"id":43360,"date":"2024-07-16T18:08:28","date_gmt":"2024-07-16T18:08:28","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china"},"modified":"2024-07-16T19:02:48","modified_gmt":"2024-07-16T19:02:48","slug":"oil-prices-fall-over-demand-worries-in-china","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china","title":{"rendered":"Oil prices fall over demand worries in China"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices decreased on Tuesday as the weak economic data in China caused worries about a slowing economy crimping demand in the world’s largest crude oil importer.<\/p>\n

International benchmark Brent crude traded at $84.23 per barrel at 09.39 a.m. local time (0639GMT), a decline of 0.73% from the closing price of $84.85 per barrel in the previous trading session.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at $80.22 per barrel at the same time, a 0.77% fall from the previous session that closed at $80.84 per barrel.<\/p>\n

The gross domestic product (GDP) of China rose by 4.7% in the second quarter of 2024, below market expectations, according to official figures on Monday.<\/p>\n

The country’s economy expanded by 5.3% in the first quarter, and the market forecast was a GDP growth rate of 5.1% in the second quarter, the National Bureau of Statistics said.<\/p>\n

This comes after data last week showed softness in oil imports, according to Daniel Hynes, a commodity strategist at the Australia and New Zealand Banking Group.<\/p>\n

“Over the first six months of the year, the world’s top importer bought less crude oil compared with last year. June crude oil imports fell on both a monthly and annual basis to 46.45 million tons,” Hynes said in an e-mailed note.<\/p>\n

Hynes also added that a stronger US dollar emerged as investors ratcheted up their bets that former US President Trump would win back the White House, which dented investor appetite.<\/p>\n

The US dollar index rose by 0.18% to 104.065 at 09.39 a.m. local time (0639GMT), compared to the previous trading session close. The higher US dollar curbs oil demand and supports price declines.<\/p>\n

Trump was targeted in an assassination attempt during a rally in Pennsylvania on Saturday, just days before he was set to accept the Republican nomination for a third term.<\/p>\n

However, increased expectations that the US Federal Reserve’s (Fed) interest rate cut will start soon limited further price declines.<\/p>\n

The Fed is receiving “more good” inflation data, paving the way for its first interest rate cut later this year, Chair Jerome Powell said Monday.<\/p>\n

Speaking at the Economic Club of Washington, DC, Powell reiterated his comments that the US central bank is looking for “greater confidence” that inflation is returning to its 2% target.<\/p>\n

Powell noted the Fed does not need to wait until inflation hits its 2% long-term target to begin lowering interest rates because of the lagging effect of monetary tightening on inflation data.<\/p>\n

Market players interpreted Powell’s remarks as a return to interest rate cuts may not be far off.<\/p>\n

Lower interest rates are set to reduce the cost of consumer borrowing and stoke expectations of increased economic growth and demand for oil.<\/p>\n

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

Africa-Press – Mauritius. Oil prices decreased on Tuesday as the weak economic data in China caused worries about a slowing economy crimping demand in the world’s largest crude oil importer. International benchmark Brent crude traded at $84.23 per barrel at 09.39 a.m. local time (0639GMT), a decline of 0.73% from the closing price of $84.85 […]<\/p>\n","protected":false},"author":84,"featured_media":43359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[2704,241,2764,2825],"class_list":["post-43360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-brent","tag-mauritius","tag-oil-prices","tag-wti"],"yoast_head":"\nOil prices fall over demand worries in China - Mauritius<\/title>\n<meta name=\"description\" content=\"Oil prices decreased on Tuesday as the weak economic data in China caused worries about a slowing economy crimping deman ...\" \/>\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\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices fall over demand worries in China\" \/>\n<meta property=\"og:description\" content=\"Oil prices decreased on Tuesday as the weak economic data in China caused worries about a slowing economy crimping deman ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-16T18:08:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-16T19:02:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/07\/sm_1721140296.200559.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices fall over demand worries in China\",\"datePublished\":\"2024-07-16T18:08:28+00:00\",\"dateModified\":\"2024-07-16T19:02:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china\"},\"wordCount\":460,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/07\/sm_1721140296.200559.jpg\",\"keywords\":[\"Brent\",\"Mauritius\",\"oil prices\",\"WTI\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-over-demand-worries-in-china\",\"name\":\"Oil prices fall over demand worries in China - 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