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China's Economic Growth Weakens, Impact on World Oil Prices
Bisnis | Ekonomi - Posted on 20 January 2024 Reading time 5 minutes
DIGIVESTASI - World oil prices fell on Friday (19/1/2024) triggered by slowing Chinese economic growth.
As reported by Reuters, West Texas Intermediate (WTI) oil for February 2024 delivery fell 67 cents to US$73.41 per barrel on the New York Mercantile Exchange.
Brent crude oil prices for March 2024 delivery slumped 54 cents to US$78.56 per barrel on the London ICE Futures Exchange.
In the past week, WTI and Brent oil prices rose 1 percent and 0.5 percent, respectively.
China's economy grew only 5.2 percent last year, the weakest annual growth in three decades. Growth in the final quarter of 2023 was also only 5.2 percent.
China's slow economic growth raises doubts that global oil demand will not reach previously expected levels this year.
Source: pasardana.id
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