Oil prices edge down ahead of expected weak China data
15/07/2019 at 01:37
* Concerns of slowing China growth weigh on oil prices
* Storm cuts Gulf of Mexico output by 73% - U.S. govt
By Florence Tan
SINGAPORE, July 15 (Reuters) - Oil prices edged down on Monday,
dragged down by expectations that China, the world's largest crude oil
importer, will post its slowest pace of economic growth in at least 27
years as the Sino-U.S. trade war bites.
Brent crude futures for September fell 6 cents to $66.66 a
barrel by 0022 GMT. U.S. crude for August was down 5 cents at
$60.16 a barrel, after both contracts last week posted their biggest
weekly gains in three weeks.
Analysts polled by Reuters expect China on Monday to report its
gross domestic product (GDP) grew 6.2% in the April-June quarter from
a year earlier, the slowest pace since the first quarter of 1992, the
earliest quarterly data on record.
Beijing could step up support measures that could be positive for
oil demand, but analysts say the room for aggressive stimulus is
limited by fears of adding to already high debt levels and structural risks.
Oil prices remained supported by lower U.S. oil production after a
tropical storm slashed U.S. Gulf of Mexico crude output by 73%, or
1.38 million barrels per day.
Refineries in the path of Tropical Storm Barry continued to
operate despite flood threats.
(Reporting by Florence Tan; editing by Richard Pullin)
((Florence.Tan@thomsonreuters.com; +65 6870 3497; Reuters Messaging: firstname.lastname@example.org))