Oil Prices Fall on Concerns of China's Slowing Economy

Oil prices experienced a decline driven by concerns over a slowing Chinese economy impacting energy demand, despite expectations of the US Federal Reserve cutting interest rates in September. China's economic growth in the second quarter fell below projections due to a housing crisis and job insecurity. Lower interest rates are anticipated to stimulate economic activity and oil demand. Additionally, China's oil imports decreased, further contributing to the downward pressure on oil prices. Geopolitical tensions in the Middle East, notably involving Houthi forces targeting vessels, could potentially disrupt oil supply routes.