Oil prices fell on Wednesday after an economic report revealed weakness in the world’s second-largest economy could weigh on energy demand.
The US benchmark West Texas Intermediate fell 1.9% to $71.01 per barrel. Brent crude oil, the international standard crude oil, fell 1.7% to $76.98 per barrel. Both contracts are down more than 15% over the past three months and are largely unchanged since the beginning of the year.
Chinese…
Oil prices fell on Wednesday after an economic report revealed weakness in the world’s second-largest economy could weigh on energy demand.
west texas intermediate
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The U.S. benchmark fell 1.9% to $71.01 a barrel.brent crude oil
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In international terms, it fell 1.7% to $76.98 per barrel. Both contracts are down more than 15% over the past three months and are largely unchanged since the beginning of the year.
China’s economy will expand by 5.2% in 2023, narrowly beating the government’s lowest target in years. Details of the report showed that the real estate market remains volatile and the country’s population has declined for the second consecutive year. Concerns about rising interest rates in countries such as the United States, as well as slowing growth in China, raise the possibility that energy consumption will be lower than expected in the coming months.
Separately, London-based oil giant BP on Wednesday appointed Murray Auchincloss as its permanent chief executive. He was appointed on an interim basis following the sudden resignation of Bernard Rooney in September.
BP’s American Depositary Receipts fell 0.9% in premarket trading. Rival Shell fell 2.4%. ExxonMobil fell 0.7% and Chevron fell 0.5%.
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Email Brian Swint at brian.swint@barrons.com.