WASHINGTON (dpa-AFX) - Oil extended losses on Tuesday amid worries about a slowing Chinese economy crimping demand. China is the second largest consumer of crude oil in the global market.
Benchmark Brent crude futures fell 0.8 percent to $84.19 a barrel while WTI crude futures were down 0.8 percent at $80.18.
Chinese demand concerns weighed after the country's GDP growth for the second quarter of 2024 came in below expectations.
Data showed China's gross domestic product expanded 4.7 percent year-on-year in the second quarter.
That was weaker than economists' forecast of 5.1 percent expansion and also down from the 5.3 percent growth posted in the three months to March.
China's oil imports declined in June due to weak demand. Refinery output declined by 3.7 percent as a result of planned maintenance of refineries, lower processing margins, and decrease in demand for products.
A stronger dollar on rising expectations that Donald Trump will return to the White House also weighed on oil prices.
Analysts say that a second term for Trump would see him target China, Mexico, Vietnam and the European Union to varying degrees.
Economists have warned that a Trump victory could trigger a 1 percent GDP hit to the eurozone economy, with Germany, Italy, and Finland most affected.
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