{"id":33636,"date":"2023-07-10T09:19:36","date_gmt":"2023-07-10T13:19:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-lower-weak-chinese-inflation-data-hits-sentiment\/"},"modified":"2023-07-10T09:19:37","modified_gmt":"2023-07-10T13:19:37","slug":"crude-oil-lower-weak-chinese-inflation-data-hits-sentiment","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33636","title":{"rendered":"Crude oil lower; Weak Chinese inflation data hits sentiment"},"content":{"rendered":"
\n

Investing.com — Crude oil prices retreated Monday, handing back some of the previous week\u2019s strong gains after weak inflation data out of China increased concerns about an economic slowdown in the world\u2019s largest crude importer.<\/p>\n

By 09:05 ET (13:05 GMT), the futures traded 0.8% lower at $73.27 a barrel, while the contract dropped 0.8% to $77.85.<\/p>\n

Weak Chinese inflation prompts demand concerns<\/strong><\/h2>\n

China’s fell at the fastest pace in more than seven years in June, government data showed on Monday, while were flat on the year, the slowest since 2021.\u00a0<\/p>\n

These figures are the latest to point to a very sluggish recovery in the world’s second-largest economy from the ravages of the COVID pandemic.\u00a0<\/p>\n

This is especially disappointing as increases in demand from China were meant to balance out a slowdown in activity in the western economies as their central banks tightened monetary policy in order to combat inflation.\u00a0<\/p>\n

Supply cuts resulted in sharp gains last week<\/strong><\/h2>\n

That said, both benchmark oil contracts gained more than 4% last week to touch their highest marks since May, helped by the world’s biggest oil exporters, Saudi Arabia and Russia, pledging to further cut supply in August, equating to 5% of global oil demand.<\/p>\n

Additionally, Mexican oil company Pemex reported on Saturday that a fire on a major offshore platform in the Gulf of Mexico has led to the loss of 700,000 barrels of crude oil production.<\/p>\n

The also reported a larger-than-expected fall in U.S. oil stocks last week, suggesting resilient demand by the largest consumer of crude in the world.<\/p>\n

Busy week of data looms<\/strong><\/h2>\n

The main focus this week will be on Wednesday\u2019s U.S. release, which could influence the Federal Reserve\u2019s thinking in terms of future monetary policy.<\/p>\n

The official U.S. pointed to the smallest job gains in two-and-a-half years, but strong wage growth. Elevated core inflation figures will likely cement the Fed raising interest rates at its July meeting, potentially hitting future growth in the world\u2019s largest crude consumer.<\/p>\n

Also, both the and the will release their latest monthly oil market reports on Thursday.\u00a0<\/p>\n

\u201cGiven the macro uncertainty, the market will likely be focused on any changes to demand forecasts in both reports,\u201d analysts at ING said, in a note.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Crude oil prices retreated Monday, handing back some of the previous week\u2019s strong gains after weak inflation data out of China increased concerns about an economic slowdown in the world\u2019s largest crude importer. By 09:05 ET (13:05 GMT), the futures traded 0.8% lower at $73.27 a barrel, while the contract dropped 0.8% to […]<\/p>\n","protected":false},"author":1,"featured_media":25084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-33636","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil lower; Weak Chinese inflation data hits sentiment | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Crude oil prices retreated Monday, handing back some of the previous week\u2019s strong gains after weak inflation data out of China increased\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=33636\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil lower; 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