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U.S. crude oil on pace for third weekly decline as China demand outweighs U.S. growth

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Surprise rate cuts in China this week raised concerns about the strength of China’s economy.

Surprise rate cuts by China this week raised worries that Beijing is struggling to breathe life into the world's second largest economy.

U.S. crude on Friday was on pace for a third weekly decline as worries about demand in China outweigh strong economic growth U.S.The U.S. economy grew at a 2.8% pace in the second quarter, much stronger than expected. But oil imports to China were down 10.7% year over year in June, and refined product imports fell 32% during the same period, according to customs data. China is the world's largest crude importer.

 

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U.S. crude oil on pace for third weekly decline as China demand outweighs U.S. growthSurprise rate cuts in China this week raised concerns about the strength of China's economy.
Source: CNBC - 🏆 12. / 72 Read more »