Oil prices fall on lingering Chinese demand concerns
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Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand. Brent futures fell 21 cents, or 0.25%, to $84.64 a barrel by 0408 GMT, while US West Texas Intermediate (WTI) crude dropped 25 cents, or 0.31%, to $81.66. The weaker run in Chinese economic data cast doubts on whether market participants are being overly optimistic around Chinese oil demand outlook. The world’s second-largest economy grew 4.7% in April-June, its slowest since the first quarter of 2023 and missing a 5.1% forecast in a Reuters poll. Fed Chair Jerome Powell said 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, indicating 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. Houthi fighters in Yemen targeted three vessels, including an oil tanker, in the Red and Mediterranean seas with ballistic missiles, drones, and booby-trapped boats. Attacks on ships in the Red Sea have forced vessels to take longer routes, meaning oil remains on the water for longer.

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