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15/07/2010 00:00 AST
World oil prices eased below $77 in Asian trade Thursday mainly on reports of weak Chinese economic growth
Light sweet crude for August delivery was seen trading at $76.54 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 76.41 a barrel in London.
Analysts said market will respond immediately to any reports coming from world's two top oil consumers, the US and China.
The black gold edged lower on reports of slowdown in Chinese economic growth in the second quarter and U.S. Federal Reserve minutes renewed concerns about the recovery of the world economy.
Profit taking by traders from Wednesday's rally spurred by a better-than-expected fall in US crude stockpiles also hit oil, they added.
World's second-largest oil consumer, China's annual gross domestic product growth moderated to 10.3 percent in the second quarter from 11.9 percent in the first quarter, slightly below forecasts of 10.5 percent growth.
Asian stocks virtually erased losses after the Chinese reports while the oil market participants also awaited U.S. economic indicators, including industrial output, due later on Thursday.
On Wednesday, crude settled at $77.04 after rising as high as $78.15. Crude hit a low of $76.38 before the bullish crude inventory data was released. Brent crude ended up 12 cents at $76.77.
Commodityonline
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 60.8 | -1.48 | -2.38 |
| WTI | 56.91 | -1.47 | -2.52 |
| OPEC Basket | 62 | -0.14 | -0.23 |
30/12/2025
Oil prices rose on Monday as investors weighed the outcome of talks between the US and Ukrainian presidents on a potential ?deal to end the war in Ukraine, as well as Middle East tensions that could
Asharq Al Awsat
25/12/2025
Oil prices witnessed slight gains on Wednesday, extending the advances made in the previous session, supported by strong economic growth in the United States and concerns over potential supply disrup
QNA
19/12/2025
Oil prices rose slightly on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.
Brent cru
Asharq Al Awsat
10/12/2025
Oil prices edged down on Tuesday, extending losses from the 2% drop in the previous session, with markets keeping a close eye on peace talks to end Russia's war in Ukraine and a looming decision on U
Asharq Al Awsat
03/12/2025
OPEC+ members will undergo an annual assessment of their oil production capacity starting next year for use in 2027, OPEC+ sources said, to ensure that the group sets output quotas that are more clos
Reuters
Financial Information Co.
Saudi Arabia