WTI crude oil futures fell below the $72.2 per barrel mark on Tuesday, the lowest since touching a seven-month low of $71.9 in August as muted demand magnified the impact of relatively ample supply. New data from China exacerbated concerns that economic growth from one of the world’s largest oil consumers is unlikely to bounce back this year, with key gauges of domestic factory demand dropping more than expected in August.
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This was echoed by earnings data from major Chinese oil producers and refiners reflecting lower fuel demand with Sinopec, PetroChina, and CNOOC releasing underwhelming revenue, aligning with earlier ship-tracking data that reflected lower inflows of oil supertankers to the country. Stateside, data from the EIA showed that US oil consumption in June dropped to its lowest seasonal level since 2020. In the meantime, OPEC signaled that it will follow through with earlier signals of higher OPEC+ output in the fourth quarter, making up for lower production in Libya.
