Oil prices fell over 1% on Tuesday, marking a third consecutive day of losses amid concerns about a slowing Chinese economy impacting demand. Brent futures dropped to $83.73 a barrel, and U.S. WTI crude fell to $80.76.
The downturn in oil prices coincided with disappointing economic data from China, where growth in the second quarter slowed to 4.7%, its weakest pace since early 2023. This subdued performance was attributed to ongoing challenges in the property market and job insecurity. Despite these concerns, the International Monetary Fund (IMF) forecasts modest global economic growth, with China expected to contribute through enhanced consumption and exports.
Market declines were tempered by growing expectations of a Federal Reserve interest rate cut as early as September. The U.S. retail sales data showing consumer resilience also helped ease fears of a sharp economic slowdown.
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