Investing.com - Financial Markets Worldwide

Oil prices edge down ahead of expected weak China data

Published 15/07/2019, 01:37
© Reuters.
LCO
-
CL
-

* Concerns of slowing China growth weigh on oil prices
* Storm cuts Gulf of Mexico output by 73% - U.S. govt

By Florence Tan
SINGAPORE, July 15 (Reuters) - Oil prices edged down on
Monday, dragged down by expectations that China, the world's
largest crude oil importer, will post its slowest pace of
economic growth in at least 27 years as the Sino-U.S. trade war
bites.
Brent crude futures LCOc1 for September fell 6 cents to
$66.66 a barrel by 0022 GMT. U.S. crude CLc1 for August was
down 5 cents at $60.16 a barrel, after both contracts last week
posted their biggest weekly gains in three weeks.
Analysts polled by Reuters expect China on Monday to report
its gross domestic product (GDP) grew 6.2% in the April-June
quarter from a year earlier, the slowest pace since the first
quarter of 1992, the earliest quarterly data on record.
Beijing could step up support measures that could be
positive for oil demand, but analysts say the room for
aggressive stimulus is limited by fears of adding to already
high debt levels and structural risks.
Oil prices remained supported by lower U.S. oil production
after a tropical storm slashed U.S. Gulf of Mexico crude output
by 73%, or 1.38 million barrels per day. Refineries in the path of Tropical Storm Barry continued to
operate despite flood threats.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.