Oil prices drop 1% on China slowdown
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Oil fell around 1% on Wednesday as economic growth in China was short of expectations, stoking worries about energy demand and as the US dollar strengthened.
Brent crude futures fell 82 cents, or 1.1%, to $77.47 a barrel by 1611 GMT. US WTI were down 51 cents, or 0.7%, at $71.89.
Read Bracing for high oil prices: challenges in 2024
China’s economy in the fourth quarter expanded by 5.2% YoY, missing analysts’ expectations and calling into question forecasts that Chinese demand will fuel 2024 global oil growth. “(The) oil industry was backing the notion that, despite a bumpy recovery, oil demand from China has been resilient and will likely reach record levels in 2024.”
Published in The Express Tribune, January 18th, 2024.
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