{"id":24498,"date":"2023-06-19T08:38:30","date_gmt":"2023-06-19T12:38:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-fall-on-fears-over-china-growth\/"},"modified":"2023-06-19T08:38:31","modified_gmt":"2023-06-19T12:38:31","slug":"oil-prices-fall-on-fears-over-china-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24498","title":{"rendered":"Oil Prices Fall On Fears Over China Growth"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000673437\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Oil prices lost some of last week\u2019s gains Monday on fears about China\u2019s growth ahead of expectations Beijing will cut another key interest rate Tuesday.<\/p>\n<p>Brent, the international oil benchmark, fell more than 0.6% to $76.16 a barrel in early trading. It is still up 11.3% since the beginning of the year. Futures for West Texas Intermediate (WTI) crude, the U.S. benchmark, were also down 0.6%, to $76.17 a barrel.<\/p>\n<div class=\"paywall\">\n<p>China\u2019s economic recovery after Beijing relaxed Covid-19 restrictions has been slower than expected. Earlier this month, the country posted producer-price inflation that was weaker than expected for May, with prices falling 4.6% from the same period the previous year. It was the weakest reading since 2016.<\/p>\n<p>Economists have been downgrading China\u2019s growth\u2014the latest came from<br \/>\n        Goldman Sachs<span>,<\/span><br \/>\n       which cited coming turbulence when cutting forecasts for 2023 gross domestic product to 5.4% from 6%, CNBC reported.<\/p>\n<p>The lackluster move in oil prices came after a strong end to last week\u2014during which WTI gained 2.3% week over week and Brent crude gained 2.4%, according to Deutsche Bank analysts.<\/p>\n<p><strong>\u201c<\/strong>In commodities, oil finished up the week strong off the back of optimism over China demand,\u201d they wrote. \u201cThis followed a Bloomberg report that the Chinese State Council was considering a sweep of stimulus proposals to boost consumption, as well as support for sectors including property.\u201d<\/p>\n<p>Write to Rupert Steiner at rupert.steiner@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/oil-prices-today-crude-wti-brent-china-fef44a25?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices lost some of last week\u2019s gains Monday on fears about China\u2019s growth ahead of expectations Beijing will cut another key interest rate Tuesday. Brent, the international oil benchmark, fell more than 0.6% to $76.16 a barrel in early trading. It is still up 11.3% since the beginning of the year. Futures for West [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-24498","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil Prices Fall On Fears Over China Growth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil prices lost some of last week\u2019s gains Monday on fears about China\u2019s growth ahead of expectations Beijing will cut another key interest rate Tuesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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