Oil Prices Down After China Reports Subdued GDP Growth

Crude oil declined in early trade on Tuesday, after China reported subdued GDP growth in 2024. Global crude benchmark Brent was down 0.67 to $84.28 per barrel. The US West Texas Intermediate (WTI) crude was trading at $81.32 per barrel, lower by 0.72%. Official data showed that the Chinese economy, the second largest economy in the world, grew 4.7% in the period from April to June, the slowest pace since the first quarter of 2023. The Chinese economy grew much slower than expected in the second quarter of this year, affected by a prolonged real estate downturn and job insecurity. Source: Qatar News Agency