ISTANBUL, July 16 (Bernama-Anadolu) -- Oil prices fell on Tuesday following weak economic data from China, sparking concerns about reduced demand in the world's largest crude oil importer, reported Anadolu.
International benchmark Brent crude traded at US$84.23 per barrel at 09.39 am local time (0639GMT), a decline of 0.73 per cent from the closing price of US$84.85 per barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at US$80.22 per barrel at the same time, a 0.77 per cent fall from the previous session that closed at US$80.84 per barrel.
The gross domestic product (GDP) of China rose by 4.7 per cent in the second quarter of 2024, below market expectations, according to official figures on Monday.
The country's economy expanded by 5.3 per cent in the first quarter, and the market forecast was a GDP growth rate of 5.1 per cent in the second quarter, the National Bureau of Statistics said.
This comes a week after data showed softness in oil imports, according to Daniel Hynes, a commodity strategist at the Australia and New Zealand Banking Group.
"Over the first six months of the year, the world's top importer bought less crude oil compared with last year. June crude oil imports fell on both a monthly and annual basis to 46.45 million tonnes," Hynes said in an e-mailed note.
Hynes also added that a stronger US dollar emerged as investors ratcheted up their bets that former US President Trump would win back the White House, which dented investor appetite.
The US dollar index rose by 0.18 per cent to 104.065 at 09.39 am local time (0639GMT), compared to the previous trading session close. The higher US dollar curbs oil demand and supports price declines.
Trump was targeted in an assassination attempt during a rally in Pennsylvania on Saturday, just days before he was set to accept the Republican nomination for a third term.
However, increased expectations that the US Federal Reserve's (Fed) interest rate cut will start soon limited further price declines.
Lower interest rates are set to reduce the cost of consumer borrowing and stoke expectations of increased economic growth and demand for oil.
--BERNAMA-ANADOLU
