Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer.
Brent crude futures for September fell 15 cents, or 0.2 per cent, to $66.57 a barrel by 0611 GMT, while US crude for August was down 24 cents, or 0.4 per cent, at $59.97 a barrel. Both contracts last week posted their biggest weekly gains in three weeks on cuts in US oil production and diplomatic tensions in West Asia.
Refineries in the path of Tropical Storm Barry continued to operate despite flood threats, while the storm has slashed US Gulf of Mexico crude output by 73 per cent, or 1.38 million barrels per day.
