Oil futures fell Monday, kicking off the week on a negative note after data on China's economic growth fell short of expectations.
West Texas Intermediate crude for August delivery fell $1.04, or 1.4%, to $74.38 a barrel on the New York Mercantile Exchange.
September Brent crude, the global benchmark, dropped $1.15, or 1.4%, to $78.72 a barrel on ICE Futures Europe.
Back on Nymex, August gasoline fell 1.1% to $2.615 a gallon, while September heating oil shed 1% to $2.572 a gallon. September natural gas was up 1.3% at $2.563 per million British thermal units.
China reported that its economy grew 6.3% year-over-year in the second quarter, missing expectations for 7.1% growth. This prompted Wall Street analysts to mark down forecasts for the world's second-largest economy early Monday. Disappointment in China's rebound following the lifting of strict COVID-19 curbs on activity has been cited as a factor keeping crude under pressure in 2023.
Source : Marketwatch
