Oil prices decline on macroeconomic data from China

Oil&Gas Materials 14 August 2023 10:56 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, August 14. There is a decline in world oil prices of about 1 percent as investors assess the state of the Chinese economy, Trend reports.

The price of October futures for Brent Crude Oil fell by 1.01 percent, reaching $85.94 per barrel. Meanwhile, September WTI futures also declined by 1.06 percent, dropping to $82.31.

The weak start to the week for the oil markets, which worsened on Friday following the release of new forecasts by the International Energy Agency and the general deterioration of conditions on global commodity markets, suggests that investors have once more focused on China's macroeconomic indicators, one of the biggest consumers of oil.

According to figures released this week, imports declined by 12.4% in July compared to the same month last year, while exports from China decreased by 14.5%.

Another important measure of consumer inflation, the Consumer Price Index (CPI), fell by 0.3% in July over the previous year.

The Producer Price Index (PPI) fell by 1.4 percent over the same period. These figures indicate a marked decline in economic activity in the country.