{"id":6595,"date":"2023-07-17T12:07:16","date_gmt":"2023-07-17T12:07:16","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=6595"},"modified":"2023-07-17T12:09:37","modified_gmt":"2023-07-17T12:09:37","slug":"oil-slides-more-than-1-as-chinese-gdp-dents-demand-hopes","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6595\/","title":{"rendered":"Oil slides more than 1% as Chinese GDP dents demand hopes"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Oil dropped by more than 1% on Monday after weaker than expected Chinese economic growth fuelled concern over demand in the world&#8217;s second-biggest oil consumer while a partial restart of halted Libyan output also pressured prices.<\/p>\n\n\n\n<p>China&#8217;s\u00a0gross domestic product\u00a0(GDP) grew 6.3% year on year in the second quarter, compared with analyst forecasts of 7.3%, with its post-pandemic recovery faltering rapidly owing to weakening demand at home and abroad.<\/p>\n\n\n\n<p>&#8220;The GDP came in below expectations, so will do little to ease concerns over the Chinese economy,&#8221; said Warren Patterson, ING&#8217;s head of commodities research.<\/p>\n\n\n\n<p>Brent crude fell 96 cents or 1.2%, to $78.91 a barrel by 1153 GMT and U.S. West Texas Intermediate crude dropped by 90 cents, or 1.2%, to $74.52 on a second straight day of losses for both contracts.<\/p>\n\n\n\n<p>&#8220;China data was always looked forward to with a degree of hope; well, for bulls anyway,&#8221; John Evans of oil broker PVM said in a report. &#8220;However, the contemporary economic backdrop for Asia&#8217;s driver seems to now be wheeled out for the bears.&#8221;<\/p>\n\n\n\n<p>Oil briefly rose after a news alert on Saudi Arabia extending a voluntary output cut. The alert was subsequently withdrawn because it repeated news published on June 4.<\/p>\n\n\n\n<p>Both benchmarks had notched three weeks of gains and touched their highest since April last week, finding support from OPEC+ output curbs and unplanned outages in Libya and Nigeria.<\/p>\n\n\n\n<p>Oil also came under pressure on Monday from the resumption of output at two of the three\u00a0Libyan fields\u00a0that were shut last week. Output had been halted by a protest against the abduction of a former finance minister.<\/p>\n\n\n\n<p>In another sign of tighter supplies, Russian\u00a0oil exports\u00a0from western ports are set to fall by 100,000-200,000 bpd next month, a sign that Moscow is making good on a pledge for supply cuts in tandem with Saudi Arabia, two sources said on Friday.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-07-17T12:09:37+00:00\"> 17 July 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Oil dropped by more than 1% on Monday after weaker than expected Chinese economic growth fuelled concern over demand in the world&#8217;s second-biggest oil consumer while a partial restart of halted Libyan output also pressured prices. China&#8217;s\u00a0gross domestic product\u00a0(GDP) grew 6.3% year on year in the second quarter, compared with [&hellip;]","protected":false},"author":1,"featured_media":6596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-6595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=6595"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6595\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/6596"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=6595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=6595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=6595"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=6595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}