The Oil price hovers near a seven-week low of around $75.00 as the global economic outlook appears to be dismal.
German economy surprisingly contracted by 0.1% in the second quarter of this year.
Investors await the Fed’s policy meeting and Caixin Manufacturing PMI for July.
West Texas Intermediate (WTI), futures on NYMEX, trade close to seven-week low near $75.00 in Tuesday’s European session. The Oil price continues to remain in the bearish trajectory amid growing worries over global demand outlook.
Investors remain concerned over China’s economic outlook due to vulnerable demand in domestic and overseas markets. China’s economic woes were prompted by slower-than-expected Q2 Gross Domestic Product (GDP) growth and an unexpected rate-cut decision by the People’s Bank of China (PBoC). Also, the absence of a booster dose in China’s Third Plenum deepened uncertainty over its economic revival. China is the world’s largest Oil importer and its economic vulnerability is unfavorable for the Oil price.
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