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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
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View all Reports
Markets 3 MIN READ

Oil falls 1.5%, ends week lower on China demand fears

July 29, 2024By Reuters
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HOUSTON – Oil futures fell about 1.5% on Friday, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns.

Brent crude settled down USD 1.24, or 1.5%, at USD 81.13 a barrel. West Texas Intermediate crude ended USD 1.12, or 1.4%, lower at USD 77.16 a barrel.

For the week, Brent was trading down more than 1% while WTI fell beyond 3%.

“Yesterday’s better-than-expected US GDP growth figures initially supported the crude market,” said George Khoury, global head of education and research at CFI. “However, these gains were overshadowed by concerns about declining Chinese oil demand.”

Data released last week showing that China’s total fuel oil imports dropped 11% in the first half of 2024 has raised concern about the wider demand outlook in China.

“The Chinese demand situation is going down the tubes here and crude oil prices are going down with it,” said Bob Yawger, director of energy futures at Mizuho in New York.

China’s economy is threatening to enter a deflationary cycle, where prices will fall because of falling demand, Yawger said.

“And that is about the worst possible scenario for a country that is the largest importer of crude oil on the planet,” he said.

Meanwhile, demand from the world’s top oil consumer was also expected to ease as US refiners are preparing to cut back production as the end of the summer driving season in early September nears.

The nation’s second-largest refiner, Valero Energy, said on Thursday its 14 refineries would run at 92% of combined capacity in the third quarter. Valero’s refineries ran at 94% in the second quarter.

In the Middle East, hopes of a ceasefire in Gaza have been gaining momentum.

A ceasefire has been the subject of negotiations for months, but US officials believe the parties are closer than ever to an agreement for a six-week ceasefire in exchange for the release by Hamas of female, sick, elderly, and wounded hostages.

Baker Hughes’ count of US oil drilling rigs, an early indicator of future output, increased by five to 482 this week and by three in July, raising the number of rigs for the first month since March.

(Reporting by Erwin Seba; Additional reporting by Laila Kearney in New York; Editing by Marguerita Choy and Emelia Sithole-Matarise)

 

This article originally appeared on reuters.com

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