Beijing
\nWest Texas Intermediate (WTI) Oil price extends its losses for the third consecutive session, trading around $80.10 per barrel during the European hours on Tuesday.
\nThis decline is attributed to a slowing Chinese economy, which is reducing demand in the world\u2019s largest Oil-importing country.
\nChina\u2019s Gross Domestic Product (GDP) grew 4.7% year-over-year in the second quarter, compared to a 5.3% expansion in the first quarter and an expected 5.1%.
\nThe National Bureau of Statistics (NBS) reported that China\u2019s economy operated generally steadily in the first half of the year, with H1 GDP growth at +5.0% year-on-year. Looking ahead, the NBS highlighted increasing external uncertainties and numerous domestic challenges that China\u2019s economy faces in the second half of the year.
\nCrude Oil imports fell both month-over-month and year-over-year to 46.45 million tons in June. This decline aligns with indications that the rapid adoption of electric vehicles in China may mean that demand has already peaked. Year-to-date shipments are 2.3% lower than the same period last year, per Bloomberg.
\nIn the United States, Federal Reserve Chair Jerome Powell mentioned on Monday that this year\u2019s three inflation readings \u201cadd somewhat to confidence\u201d that inflation is on track to meet the Fed\u2019s target sustainably, suggesting that interest rate cuts may not be far off, per Reuters.
\nAdditionally, Fed Bank of San Francisco President Mary Daly noted that inflation is cooling in a way that increases confidence it\u2019s heading toward the 2% target. However, Daly emphasized the need for more data before making a rate decision. Lower interest rates reduce borrowing costs, potentially boosting economic activity in the United States, the world\u2019s largest economy, which may increase Oil demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
Beijing West Texas Intermediate (WTI) Oil price extends its losses for the third consecutive session, trading around $80.10 per barrel during the European hours on Tuesday. This decline is attributed to a slowing Chinese economy, which is reducing demand in the world\u2019s largest Oil-importing country. China\u2019s Gross Domestic Product (GDP) grew 4.7% year-over-year in the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-418895","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n