Weak economic data out of China puts pressure on oil prices
China's economy is recovering more slowly than expected. According to the latest data, the country's GDP rose by 6.3% year-over-year in Q2 after moving up 4.5% YoY in Q1. It was forecasted to grow by 7.1%. Signs of an economic slowdown in China, a major oil consumer, raise concerns about demand for oil. Brent crude oil prices are declining.
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