Benchmark oil prices are falling on Tuesday morning after a moderate decline the day before.
The cost of September futures for Brent on the London ICE Futures exchange as of 8:03 a.m. is $84.59 per barrel, which is $0.26 (0.31%) lower than at the close of the previous trading. The day before, these contracts fell in price by $0.18 (0.2%) to $84.85 per barrel.
August futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.31 (0.38%) to $81.60. On Monday, the contract fell by $0.3 (0.4%) to $81.91 per barrel.
A negative factor for the oil market was the weak statistics from China, which indicated a slowdown in China’s GDP growth in the second quarter to 4.7% in annual terms from 5.3% in the previous quarter.
“The growth of the Chinese economy is directly linked to global economic activity and fuel demand,” wrote StoneX analysts led by Alex Hodes.
Traders were also assessing the news of the assassination attempt on Donald Trump, which resulted in the politician being lightly wounded. According to analysts, this event increases his chances of winning the US presidential election in November.
“The Trump government has prioritized energy independence and economic growth over environmental regulation in the past,” said Nigel Green, CEO of deVere Group. – “If he becomes president again, we expect him to take the same approach, which will be positive for the energy sector and especially for fossil fuels.
