{"id":36670,"date":"2023-07-17T07:36:10","date_gmt":"2023-07-17T11:36:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-retreat-after-weak-china-data\/"},"modified":"2023-07-17T07:36:11","modified_gmt":"2023-07-17T11:36:11","slug":"oil-prices-retreat-after-weak-china-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36670","title":{"rendered":"Oil prices retreat after weak China data"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002283962\" role=\"document\">\n<p>Oil futures fell Monday, kicking off the week on a negative note after data on China\u2019s economic growth fell short of expectations.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for August delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.29%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.29%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"negative\">-1.29%<\/bg-quote><br \/>\n       fell $1.04, or 1.4%, to $74.38 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      September Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-1.24%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"negative\">-1.24%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, dropped $1.15, or 1.4%, to $78.72 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      Back on Nymex, August gasoline<br \/>\n        RBQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376523\/delayed\" class=\"negative\">-0.92%<\/bg-quote><br \/>\n       fell 1.1% to $2.615 a gallon, while September heating oil<br \/>\n        HOU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376445\/delayed\" class=\"negative\">-0.89%<\/bg-quote><br \/>\n       shed 1% to $2.572 a gallon.<\/p>\n<\/li>\n<li>\n      September natural gas<br \/>\n        NGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210193979\/delayed\" class=\"positive\">+1.03%<\/bg-quote><br \/>\n       was up 1.3% at $2.563 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>China reported that its economy grew 6.3% year-over-year in the second quarter, missing expectations for 7.1% growth. This prompted Wall Street analysts to mark down forecasts for the world\u2019s second-largest economy early Monday. Disappointment in China\u2019s rebound following the lifting of strict COVID-19 curbs on activity has been cited as a factor keeping crude under pressure in 2023.<\/p>\n<div class=\"paywall\">\n<p>Oil prices, however, have risen for three straight weeks. Last week\u2019s gains came as the U.S. dollar extended a slide on expectations the Federal Reserve is nearing the end of its cycle of rate hikes. A weaker dollar can be supportive for commodities priced in the unit, making them less expensive to users of other currencies.<\/p>\n<p>Supply cuts by Saudi Arabia and Russia have also helped buoy crude amid expectations for the global market to move into deficit in the second half.<\/p>\n<p>\u201cWhile China transport activity and apparent demand are meeting expectations of a rebound, traders could turn increasingly concerned that signs of slowing in the broader economy will begin to impact the demand in Q3 onwards, negatively impacting the bullish thesis,\u201d Stephen Innes, managing director of SPI Asset Management, said in a note.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-retreat-after-weak-china-data-b8d5d5f9?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures fell Monday, kicking off the week on a negative note after data on China\u2019s economic growth fell short of expectations. Price action West Texas Intermediate crude for August delivery CL00, -1.29% CL.1, -1.29% CLQ23, -1.29% fell $1.04, or 1.4%, to $74.38 a barrel on the New York Mercantile Exchange. September Brent crude BRN00, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-36670","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 retreat after weak China data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures fell Monday, kicking off the week on a negative note after data on China\u2019s economic growth fell short of expectations.Price action West Texas\" \/>\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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