© Reuters. A horizontal drilling rig on a lease owned by Parsley Energy operates at dawn in the Permian Basin near Midland
By Florence Tan
SINGAPORE (Reuters) – Oil prices fell on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world's largest crude oil importer.
Brent () crude futures for September fell 21 cents to $ 66.51 per barrel at 0222 GMT, while US crude (August) fell 28 cents to $ 59.93 per barrel. Last week, both contracts posted their biggest weekly gains in three weeks due to cuts in US oil production and diplomatic tensions in the Middle East.
Refineries on the path of tropical storm Barry continued to operate despite flood threats, while the storm reduced crude production in the Gulf of Mexico by 73%, or 1.38 million barrels per day.
The fact that Stephen Innes, managing partner of Vanguard Markets, based in Bangkok, has unleashed the risk premium of Tropical Storm Barry, the declining forecasts of oil demand and the lack of news from the Middle East could have caused a mute reaction of the price of oil.
China's economic growth slowed to 6.2% in the second quarter from the previous year, in line with analysts' expectations, and demand at home and abroad falters as the China-US trade war. UU
Even so, China's industrial production and retail sales exceeded forecasts, "suggesting that the economy in China is healthier than we had previously established," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. .
In the Middle East, Iranian President Hassan Rouhani said in a televised speech on Sunday that Iran was ready to hold talks with the United States if Washington lifted the sanctions and returned to the 2015 nuclear deal it resigned last year.
Meanwhile, Britain has offered to facilitate the release of the detained Iranian oil tanker Grace 1 if Tehran gives assurances that it will not go to Syria.
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