Oil fell more than $1 on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. dollar strength dented investor’s risk appetite.
Brent crude futures fell $1.19, or 1.5%, to $77.10 per barrel by 0902 GMT. U.S. West Texas Intermediate crude futures (WTI) were down $1.21, or 1.7%, at $71.19.
Even the ongoing naval and air conflicts in the Red Sea have not been enough to support oil, despite increased concerns about tankers having to pause or reroute, increasing shipping costs and slowing deliveries.
