WTI drifts lower for the third straight day amid worries about slowing Chinese economy. A modest US Dollar strength contributes to the driving flows away from the commodity. Worries about supply disruption from the Middle East might continue to act as a tailwind.
West Texas Intermediate (WTI) US crude Oil prices trade with a negative bias for the third successive day on Tuesday, albeit lack follow-through selling and hold above the overnight swing low. The commodity currently trades around the $80.70 region, down nearly 0.40% for the day and is pressured by a combination of factors.
The official data released on Monday showed that China's economy expanded by 4.7% over the year during the second quarter of 2024, down from the 5.3% rise recorded in the first quarter. This adds to worries about a slowdown in the world's second-largest economy and waning fuel demand in the world's biggest oil importer, which, in turn, is seen as a key factor exerting some downward pressure on Crude Oil prices
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