China's declining growth marginally lowers oil prices

Chinese growth is at a low not seen for more than 25 years, making oil prices slide.

Photo: Chuck Bennet / AP / Ritzau Scanpix

Oil prices drop marginally on Monday after China announced its lowest quarterly economic growth in 27 years, measured in GDP. This reinforced concerns about oil demand from the world's largest oil importer.

A barrel of European reference oil Brent costs USD 66.66 Monday morning against USD 66.80 Friday afternoon. US WTI oil is concurrently trading at USD 60.03 against USD 60.31 Friday afternoon. The oil price drop follows six weeks of growth, supported by cuts in US oil production and diplomatic conflicts in the Middle East.

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