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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
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948 x 535 px AdobeStock_433552847
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Monthly Economic Update: Waiting on Jay Powell
September 2, 2025 DOWNLOAD
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August 29, 2025 DOWNLOAD
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Markets 3 MIN READ

Oil prices decline over 1% on Chinese demand jitters

July 17, 2024By Reuters
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HOUSTON – Oil prices settled more than 1% lower on Tuesday, the third straight day of losses, on worries of a slowing Chinese economy crimping demand, though declines were stemmed by a growing consensus the US Federal Reserve could begin cutting its key interest rate as soon as September.

Brent futures closed down USD 1.12, or 1.3%, at USD 83.73 a barrel, while US West Texas Intermediate (WTI) crude fell USD 1.15, or 1.4%, to USD 80.76.

“Weaker economic data continues to flow from China as continued government support programs have been disappointing, with many of China’s refineries cutting back on weaker fuel demand,” said Dennis Kissler, senior vice president of trading at BOK Financial.

The world’s second-largest economy grew 4.7% in April-June, official data showed, its slowest rate since the first quarter of 2023 and missing a 5.1% forecast in a Reuters poll. It slowed from the previous quarter’s 5.3% expansion, hamstrung by a protracted property downturn and job insecurity.

Meanwhile, the global economy is set for modest growth over the next two years amid cooling activity in the US, a bottoming-out in Europe and stronger consumption and exports for China, but risks to the path abound, the International Monetary Fund said on Tuesday

In the US, crude oil inventories fell by 4.4 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday. Stocks on average were expected to fall by 33,000 barrels last week, according to a Reuters poll on Tuesday.

Government data on inventories is expected on Wednesday.

Fed Chair Jerome Powell said on Monday the three US inflation readings over the second quarter of this year “add somewhat to confidence” that the pace of price increases is returning to the central bank’s target in a sustainable fashion. Market participants interpreted the comments as indicating that a turn to interest rate cuts may not be far off.

Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand.

US retail sales were also unchanged in June, a show of consumer resilience that boosts economic growth prospects for the second quarter, helping assuage fears of a sharp slowdown in the economy.

Federal Reserve Governor Adriana Kugler said it would be appropriate to begin easing monetary policy later this year if economic conditions continue to evolve favorably.

But some analysts cautioned about excess bullishness as expected weakness in some macroeconomic data from the US could still indirectly hurt oil demand in the near term.

(Reporting by Arathy Somasekhar in Houston, Paul Carsten in London and Arunima Kumar in Bengaluru, and Trixie Yap in Singapore; Editing by Andrea Ricci, Nick Zieminski, and Matthew Lewis)

 

This article originally appeared on reuters.com

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