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Oil prices edge down ahead of expected weak China data

Published 07/15/2019, 08:37 AM
Updated 07/15/2019, 08:40 AM
Oil prices edge down ahead of expected weak China data
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* Concerns of slowing China growth weigh on oil prices
* Storm cuts Gulf of Mexico output by 73% - U.S. govt

By Florence Tan
SINGAPORE, July 15 (Reuters) - Oil prices edged down on
Monday, dragged down by expectations that China, the world's
largest crude oil importer, will post its slowest pace of
economic growth in at least 27 years as the Sino-U.S. trade war
bites.
Brent crude futures LCOc1 for September fell 6 cents to
$66.66 a barrel by 0022 GMT. U.S. crude CLc1 for August was
down 5 cents at $60.16 a barrel, after both contracts last week
posted their biggest weekly gains in three weeks.
Analysts polled by Reuters expect China on Monday to report
its gross domestic product (GDP) grew 6.2% in the April-June
quarter from a year earlier, the slowest pace since the first
quarter of 1992, the earliest quarterly data on record.
Beijing could step up support measures that could be
positive for oil demand, but analysts say the room for
aggressive stimulus is limited by fears of adding to already
high debt levels and structural risks.
Oil prices remained supported by lower U.S. oil production
after a tropical storm slashed U.S. Gulf of Mexico crude output
by 73%, or 1.38 million barrels per day. Refineries in the path of Tropical Storm Barry continued to
operate despite flood threats.

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