Oil slips on China demand concerns, fading Middle East worries

Home Business Oil slips on China demand concerns, fading Middle East worries 30-07-2024 09:25 AM Ammon News - Oil prices fell on Tuesday, extending losses from the previous session, amid concerns about demand in China, the world's largest crude importer, while the market shrugged off the risk of conflict escalating in the Middle East. Brent crude oil futures fell by 32 cents, or 0.4%, to $79.46 a barrel by 0320 GMT. U.S. crude futures were down 36 cents, or 0.5%, at $75.45 a barrel. A raft of disappointing economic news out of China has shaken markets recently. China's manufacturing activity likely shrank for a third month in July, a Reuters poll showed on Monday. Also on Monday, Citi cut China's growth forecast to 4.8% from 5% after the country's second-quarter growth missed analyst estimates, noting that economic activity softened further in July. French oil major TotalEnergies reported a 6% fall in second quarter earnings on Thursday. Oil fell 2% in the previous trading session after Israel signalled that its response to a Hezbollah rocket strike in Israeli-occupied Golan Heights on Saturday would be calculated to avoid dragging the Middle East into an all-out war. Reuters

Home Business

Oil slips on China demand concerns, fading Middle East worries

30-07-2024 09:25 AM

Ammon News - Oil prices fell on Tuesday, extending losses from the previous session, amid concerns about demand in China, the world's largest crude importer, while the market shrugged off the risk of conflict escalating in the Middle East.

Brent crude oil futures fell by 32 cents, or 0.4%, to $79.46 a barrel by 0320 GMT. U.S. crude futures were down 36 cents, or 0.5%, at $75.45 a barrel.

A raft of disappointing economic news out of China has shaken markets recently. China's manufacturing activity likely shrank for a third month in July, a Reuters poll showed on Monday.

Also on Monday, Citi cut China's growth forecast to 4.8% from 5% after the country's second-quarter growth missed analyst estimates, noting that economic activity softened further in July.

French oil major TotalEnergies reported a 6% fall in second quarter earnings on Thursday.

Oil fell 2% in the previous trading session after Israel signalled that its response to a Hezbollah rocket strike in Israeli-occupied Golan Heights on Saturday would be calculated to avoid dragging the Middle East into an all-out war.

Reuters

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