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BREAKING
Iranian government spokesperson: Iran’s response to Israel will continue for as long as our armed forces deem it necessary
Iranian government spokesperson: Iran’s response was a proportionate punitive measure, necessary to uphold the rights of the Iranian people
YAF spox. Yahya Saree: We carried out a military operation in Yafa, using a number of Palestine-2 hypersonic ballistic missiles
Suspected drone infiltration sirens are sounding in Nazareth and nearby towns in northern "Israel"
Trump: We can easily get a deal done between Iran and Israel and end this conflict
Trump: If we are attacked in any way, shape, or form by Iran, the full strength and might of the US Armed Forces will come down on you at levels never seen before
US President Donald Trump: The US had nothing to do with the attack on Iran tonight
Sirens sounded in the occupied Naqab in southern occupied Palestine.
Iranian air defenses scramble to intercept Israeli projectiles in the airspace of western and northern Tehran.
At least one settler killed in Bat Yam by Iranian missile fire.

Oil slips for 3rd week straight over China demand fears, war on Gaza

  • By Al Mayadeen English
  • Source: Agencies
  • 26 Jul 2024 23:42
3 Min Read

The energy market monitors a meeting between US, Israeli, Egyptian, and Qatari officials that could lead to a ceasefire deal in Gaza.

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  • Oil slips for 3rd week straight over China demand fears, war on Gaza
    A picture shows the Nassiriya oil field in Iraq's southern Dhi Qar Governorate, on August 21, 2022 (AFP)

Crude oil prices are experiencing their third straight week of declines, marking the worst downturn since May. Concerns about reduced demand in China drive this decline - the world's largest oil importer and the second-largest consumer after the United States.

Just a few hours ahead of the trading week's end, US West Texas Intermediate (WTI) crude was down 4.7% to $76.41 per barrel, while UK Brent crude fell 2.6% to $80.50 per barrel. These declines follow back-to-back weekly losses and are the largest since early May.

Read more: Iran 2nd in oil production growth in 2023 despite US sanctions

For July, WTI is down 5.4% and Brent 6%, making it the poorest month in three for oil bulls. This downturn has dampened the 2024 oil rally, leaving WTI up just 6.6% for the year and Brent up 4.5%.

The recent drops came after data showed an 11% decrease in China's fuel oil imports in the first half of 2024.

“China’s apparent oil demand fell by 8.1% in June to 13.66 million barrels per day, raising concerns about consumption,” energy market analyst Arslan Ali wrote on the FX Empire portal.

The outlook for Chinese oil demand is bleak, adding to market anticipation of a possible ceasefire in the Israeli war on Gaza amid reports of a new four-way meeting between the US, Israelis, Egypt, and Qatar in Rome.

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Millions join 'No Kings' protest in defiance of Trump military parade

Iran says minimal damage caused by Israeli attack on Defense Ministry

Read more: Middle East escalations drive up oil prices, influence OPEC+ decisions

Previously, the proximity of the war on Gaza to major oil producers like Saudi Arabia, Iran, and the UAE had supported the 2024 oil rally, especially following some disruptions in crude shipments. A ceasefire could reduce the geopolitical risk premium that has been supporting crude prices.

Recent consumption numbers for US crude, gasoline, and distillates have been exceptionally high, countering some negative market sentiment for oil.

The US Energy Information Administration (EIA) reported a crude inventory decline of 3.741 million barrels for the week ending July 19, following a previous week’s drop of 4.87 million barrels.

Read more: America and its debts: Will the November election mend the GDP crisis?

Over the past four weeks, US crude inventories have decreased by nearly 25 million barrels. Gasoline inventories also fell by 5.572 million barrels in the latest week, compared to a build of 3.328 million barrels the week before, while analysts had predicted a build of 1.4 million barrels. Gasoline, being the primary motor fuel, constitutes the largest part of the US energy mix.

The EIA also reported a decrease of 2.753 million barrels in distillate inventories, contrary to analysts' expectations of a 1.53 million barrel increase, following the previous week's build of 3.454 million barrels.

Read more: Russia, China talk economic cooperation at Energy Business Forum

  • United States
  • Israel
  • China
  • Gaza
  • Oil prices

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