INFOQUEST – West Texas Intermediate (WTI) crude futures in New York closed down nearly 2% on Friday (August 16), but were almost unchanged this week. Brent crude fell below $80 a barrel. Meanwhile, investors have lowered their expectations for demand growth from China, a major oil importer.
West Texas Intermediate crude, due for delivery in September, fell $1.51, or 1.9%, to settle at $76.65 a barrel.
Brent crude for October delivery fell $1.36, or 1.7%, to close at $79.68 a barrel.
On Thursday, data from China showed that the Chinese economy slowed in July. New home prices fell at the fastest rate in nine years, and industrial production slowed. The unemployment rate rose, raising concerns among investors about weaker demand from China, a major oil importer. Refineries sharply cut crude throughput last month. Due to slowing fuel demand
The Organization of the Petroleum Exporting Countries (OPEC) has cut its forecast for oil demand growth this year. This indicates that demand for oil in China is weakening. Meanwhile, the International Energy Agency (IEA) lowered its forecast for oil demand in 2025 on Tuesday (August 13).
Oil prices may not move clearly until the Federal Reserve (Fed) decides whether or not to cut interest rates at its September meeting, said Gaurav Sharma, an independent oil analyst.
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