Oil prices retreated Wednesday after an economic report revealed weakness in China’s economy, the world’s second biggest, that could dent energy demand.
West Texas Intermediate, the U.S. benchmark, fell 1.9% to $71.01 a barrel. Brent crude, the international standard, slipped 1.7% to $76.98 a barrel. Both contracts have declined more than 15% over the past three months, little changed since the start of the year.
China’s…
Oil prices retreated Wednesday after an economic report revealed weakness in China’s economy, the world’s second biggest, that could dent energy demand.
the U.S. benchmark, fell 1.9% to $71.01 a barrel.
the international standard, slipped 1.7% to $76.98 a barrel. Both contracts have declined more than 15% over the past three months, little changed since the start of the year.
China’s economy expanded 5.2% in 2023, barely beating the government’s lowest target in years, and details in the report showed the property market remains delicate and that the country’s population fell for a second year. Along with worries about higher interest rates in the U.S. and elsewhere, China’s slower growth raises the chances that energy consumption will be lower than anticipated over the next few months.
Separately, London-based oil major
named Murray Auchincloss as permanent chief executive officer on Wednesday. He was appointed on an interim basis after the sudden resignation of Bernard Looney in September.
BP’s American depositary receipts slipped 0.9% in premarket trading. Rival
fell 2.4%.
retreated 0.7%, and
lost 0.5%.
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Write to Brian Swint at brian.swint@barrons.com
Read More: Oil Prices Fall on Slowing China Growth. BP Names Permanent CEO.