{"id":37378,"date":"2023-07-18T16:06:45","date_gmt":"2023-07-18T20:06:45","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-post-a-second-straight-session-loss-after-weak-china-data\/"},"modified":"2023-07-18T16:06:46","modified_gmt":"2023-07-18T20:06:46","slug":"oil-prices-post-a-second-straight-session-loss-after-weak-china-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37378","title":{"rendered":"Oil prices post a second straight session loss 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, with U.S. and global benchmark prices settling at their lowest in a week after data on China\u2019s economic growth fell short of expectations, raising concerns over the outlook for energy demand.<\/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=\"positive\">+2.12%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+2.12%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"positive\">+2.12%<\/bg-quote><br \/>\n       fell $1.27, or 1.7%, to settle at $74.15 a barrel on the New York Mercantile Exchange, the lowest finish in a week, according to Dow Jones Market Data. Prices on Friday fell 1.9%.<\/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=\"positive\">+0.06%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"positive\">+0.06%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, dropped $1.37, or 1.7%, to $78.50 a barrel on ICE Futures Europe, also the lowest since July 10.<\/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=\"positive\">+2.38%<\/bg-quote><br \/>\n       fell nearly 0.5% to $2.63 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=\"positive\">+1.45%<\/bg-quote><br \/>\n       shed 1.3% to $2.56 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\">+4.07%<\/bg-quote><br \/>\n       lost 1.1% at $2.51 per million British thermal units, the lowest settlement since June 20.<\/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><strong>Also see:<\/strong> Why Russia\u2019s decision to halt grain deal is stirring global inflation worries<\/p>\n<p>The Chinese GDP data \u201cdented the markets\u2019 view on future oil demand,\u201d said Ricardo Evangelist, senior analyst at ActivTrades, in market commentary. <\/p>\n<p>\u201cChina is the world\u2019s top oil importer, and its GDP figures missed the consensus by a full percentage point, posing a big question on the pace of the recovery in the world\u2019s second-largest economy and hitting oil prices as expectations for future demand were downgraded,\u201d he said.<\/p>\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 [the third quarter] 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=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures fell Monday, with U.S. and global benchmark prices settling at their lowest in a week after data on China\u2019s economic growth fell short of expectations, raising concerns over the outlook for energy demand. Price action West Texas Intermediate crude for August delivery CL00, +2.12% CL.1, +2.12% CLQ23, +2.12% fell $1.27, or 1.7%, to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-37378","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices post a second straight session loss after weak China data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures fell Monday, with U.S. and global benchmark prices settling at their lowest in a week after data on China\u2019s economic growth fell short of\" \/>\n<meta name=\"robots\" content=\"index, follow, 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