Oil prices decline due to fears of a slowdown in the Chinese economy

Oil prices fell today, Tuesday, due to fears of a slowdown in the Chinese economy, which is putting pressure on demand, but the growing consensus that the Federal Reserve (the US central bank) will begin lowering interest rates next September limited the decline. Brent crude futures fell 57 cents, or 0.67 %, to $84.28 per barrel. US West Texas Intermediate crude fell 59 cents, or 0.72 %, to $81.32. Official data showed that the Chinese economy, the second largest economy in the world, grew 4.7 % in the period from last April to June, at the slowest pace since the first quarter of 2023. The Chinese economy grew much slower than expected in the second quarter of this year, affected by the protracted real estate downturn and job insecurity. Source: National Iraqi News Agency