The September WTI (West Texas Intermediate) and Brent oil futures were down 0.31 and 0.27 percent, respectively, to $84.62 and $80.59. Tuesday’s first hour of trading saw July crude oil futures on the Multi Commodity Exchange (MCX) trading at ₹6,828 against the previous close of ₹6,847, down 0.28 percent, and August futures at ₹6,752 against the previous close of ₹6,770, down 0.27 percent.
China’s second-quarter 2024 GDP growth of 4.7% fell short of the 5.1% market estimate; the previous quarter’s GDP growth was 5.3%. Data indicated that poor demand in June caused China’s oil imports to decrease. 3.7% less was produced in refineries.
In the world market, China is the second-biggest user of crude oil. In the meantime, the US Federal Reserve chair’s remarks on Monday sparked expectations of a US interest rate cut in the upcoming months. According to market sources, the possibility of reduced interest rates would contribute to increased demand for oil on the world market.
