{"id":45887,"date":"2023-08-08T09:50:11","date_gmt":"2023-08-08T13:50:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-fall-after-disappointing-china-trade-data\/"},"modified":"2023-08-08T09:50:13","modified_gmt":"2023-08-08T13:50:13","slug":"oil-prices-fall-after-disappointing-china-trade-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45887","title":{"rendered":"Oil prices fall after disappointing China trade data"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002372898\" role=\"document\">\n<p>Oil futures fell Tuesday, under pressure after disappointing international trade data from China sparked worries over demand.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for September delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.83%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.83%<\/bg-quote><\/p>\n<p>        CLU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726495\/delayed\" class=\"negative\">-1.83%<\/bg-quote><br \/>\n       fell $1.35, or 1.6%, to $80.39 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      October Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-1.70%<\/bg-quote><\/p>\n<p>        BRNV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705496\/delayed\" class=\"negative\">-1.70%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, dropped $1.51, or 1.8%, to $83.83 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>China\u2019s outbound shipments fell 14.5% from a year earlier in July, compared with the 12.4% decline in June, the General Administration of Customs said. Chinese imports declined 12.4% from a year earlier in July, compared with June\u2019s 6.8% fall. That left China\u2019s trade surplus at $80.6 billion in July, wider than the $70.62 billion surplus in June and the $70.3 billion surplus expected by economists.<\/p>\n<div class=\"paywall\">\n<p>Oil imports, meanwhile, saw a 19% monthly fall to 43.7 million tons, equal to 10.3 million barrels a day, in July on lower domestic demand and higher inventories, said Ewa Manthey and Warren Patterson, commodities strategists at ING, in a note. Still, oil imports are 17% above the previous year\u2019s low base, which was depressed by COVID outbreaks and extensive lockdowns. China\u2019s crude imports are up 12.5% year over year to 326 million tones over the first seven months of 2023.<\/p>\n<p>China\u2019s exports of refined products rose 56% year over year to 5.3 million tons in July, the ING strategists noted, as China attempts to make up for weaker domestic consumption, particularly industrial demand for diesel.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-fall-after-disappointing-china-trade-data-2fea690e?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures fell Tuesday, under pressure after disappointing international trade data from China sparked worries over demand. Price action West Texas Intermediate crude for September delivery CL00, -1.83% CL.1, -1.83% CLU23, -1.83% fell $1.35, or 1.6%, to $80.39 a barrel on the New York Mercantile Exchange. October Brent crude BRN00, -1.70% BRNV23, -1.70%, the global [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-45887","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 after disappointing China trade data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures fell Tuesday, under pressure after disappointing international trade data from China sparked worries over demand.Price action West Texas\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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