{"id":48671,"date":"2023-08-15T11:46:12","date_gmt":"2023-08-15T15:46:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-retreats-after-weak-china-data-u-s-retail-sales-rise\/"},"modified":"2023-08-15T11:46:14","modified_gmt":"2023-08-15T15:46:14","slug":"crude-oil-retreats-after-weak-china-data-u-s-retail-sales-rise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48671","title":{"rendered":"Crude oil retreats after weak China data; U.S. retail sales rise"},"content":{"rendered":"
\n

Investing.com — Crude oil prices fell Tuesday as disappointing economic data raised further concerns about China\u2019s economic recovery, even following Beijing\u2019s unexpected interest rate cut.<\/p>\n

By 09:40 ET (13.40 GMT), the futures traded 1.4% lower at $81.38 a barrel, while the contract dropped 1% to $85.34 per barrel.<\/p>\n

China\u2019s rate cut fails to boost sentiment<\/strong><\/h2>\n

China’s and data, released late Monday, showed that growth in the globe\u2019s second-largest economy, and major oil importer, slowed further last month, and added a broad array of data highlighting intensifying pressure on the economy, mainly from the property sector.<\/p>\n

The People\u2019s Bank of China responded to these signs of a slowing recovery from its COVID hit by marginally cutting key interest rates on Tuesday.<\/p>\n

However, the decision to cut key interest rates for the second time in three months has done little to improve the wider sentiment given China\u2019s central bank reduced its one-year medium-term lending facility by just 15 basis points to 2.50% from 2.65%.<\/p>\n

U.S. retail sales soar<\/strong><\/h2>\n

By contrast, U.S. jumped 0.7% last month, increasing more than expected in July, suggesting the U.S. economy continued to expand early in the third quarter and keeping a recession at bay.<\/p>\n

Additionally, data for June was revised higher to show sales rising 0.3% instead of the previously reported 0.2%.<\/p>\n

The raised rates by 25 basis points last month and left the door open to another hike in September. While the U.S. central bank is widely expected to pause next month, these strong numbers can only add to the chances of policymakers calling for an additional interest rate increase, potentially hitting economic activity and thus the demand for crude.<\/p>\n

Dollar strength hitting crude<\/strong><\/h2>\n

These indications of relative U.S. economic strength are also boosting the , which recorded a 1-1\/2-month high late Monday.<\/p>\n

This is weighing on oil markets, as a stronger dollar makes commodities priced in the greenback, like crude, more expensive, likely hitting demand among international buyers.<\/p>\n

Crude remains near recent highs<\/strong><\/h2>\n

All that said, the oil markets remain near recent highs as supply cuts by Saudi Arabia and Russia, part of the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies, had helped galvanize a rally in prices over the past seven weeks.<\/p>\n

New York-traded West Texas Intermediate, or WTI, crude hit a 9-month high on Thursday and is up 20% over the past seven weeks, while Brent is up 18% in under two months.<\/p>\n

\u201cThis local correction is not surprising \u2013 occasionally, investors return to minor sales. The fundamental background remains favorable for buyers who find a foothold in the supply shortage in the second half of 2023,\u201d said Andrey Goilov, a trader at RoboForex.<\/p>\n

\u201cMeanwhile, global crude oil demand calculated by the IEA set a record of 103 million barrels daily in June. In August, it might reach a new peak.\u201d<\/p>\n

Attention will turn to the release of U.S. inventory data from the industry group later in the session, as a precursor to official inventory data from the U.S. on Wednesday.<\/p>\n

The API reported a build of just over 4 million barrels in U.S. crude stocks last week.<\/p>\n<\/div>\n

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

Investing.com — Crude oil prices fell Tuesday as disappointing economic data raised further concerns about China\u2019s economic recovery, even following Beijing\u2019s unexpected interest rate cut. By 09:40 ET (13.40 GMT), the futures traded 1.4% lower at $81.38 a barrel, while the contract dropped 1% to $85.34 per barrel. China\u2019s rate cut fails to boost sentiment […]<\/p>\n","protected":false},"author":1,"featured_media":4744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-48671","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil retreats after weak China data; U.S. retail sales rise | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Crude oil prices fell Tuesday as disappointing economic data raised further concerns about China\u2019s economic recovery, even following\" \/>\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=48671\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil retreats after weak China data; 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