Oil prices recorded a slight increase in early Asian trading on Tuesday, after falling in the previous session due to less-than-expected growth of the Chinese economy, at a time when investors expect a decline in US crude supplies.
Investors are awaiting data from the sector later on Tuesday, as it is expected to show that inventories of crude oil and its derivatives in the United States likely fell last week.
Meanwhile, data from the Energy Information Administration showed Monday that shale oil production in the United States is expected to decline by about 9.4 million barrels per day in August, which would be the first monthly decline since December 2022.
However, global supplies may be boosted by the resumption of production in two of the three Libyan oil fields that were suspended last week in protest of the kidnapping of a former finance minister.
However, concerns about the Chinese economy continue to dampen prices. Official data showed that the country’s gross domestic product grew by 6.3 percent year-on-year in the second quarter, compared to analysts’ expectations of 7.3 percent, in a new indication that China’s economic recovery may have lost momentum after the epidemic.
price move
Brent crude rose 11 cents to $78.61 a barrel by 0017 GMT, while West Texas Intermediate crude rose 15 cents to $74.30 a barrel.
Both benchmarks fell more than 1.5 percent on Monday.
2023-07-18 02:58:44
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