Oil prices fluctuate amid slowing Chinese growth

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Oil prices fluctuate amid slowing Chinese growth
Oil prices fluctuate amid slowing Chinese growth

Investors continued to focus on the possibility that slowing Chinese growth could reduce demand from the world’s largest importer of crude oil, causing mixed oil prices on Tuesday.

China is the world’s second-largest economy and a key driver of global oil demand for the rest of the year.

Markets were disappointed by weaker economic activity following stimulus measures, including a smaller-than-expected cut to a key lending benchmark announced on Monday.

US Federal Reserve officials did not rule out the possibility of raising interest rates again due to concerns over inflation and its impact on demand.

It is anticipated that the United States will continue to decrease its supply of oil.

A Reuters poll showed that crude oil and gasoline stocks dropped in the US last week. Data from the American Petroleum Institute is due to be released later today.

At 15:05 GMT, Brent crude and US West Texas Intermediate crude both dropped by a few cents, with Brent crude at $84.31 a barrel and US West Texas Intermediate crude at $80.00 a barrel.

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