Investing.com - Crude oil futures were lower on Thursday, after
data showed that Germany's economy contracted in the second quarter
while growth in France stagnated, fuelling concerns over a slowdown
in global demand.
On the ICE Futures Exchange in London, Brent oil for October
delivery fell 0.33%, or 35 cents, to trade at $104.71 a barrel
during European morning hours.
Germany's gross domestic product shrank by 0.2% in the three
months to June, the first drop since 2012. Economists had forecasts
a contraction of 0.1%. First quarter growth was also revised down
to 0.7% from 0.8% previously.
Earlier Thursday official data showed that French GDP was flat
in the second quarter, the second consecutive quarter of
stagnation. Economists had expected an expansion of 0.1%.
The euro zone accounted for nearly 16% of global oil consumption
London-traded Brent futures slumped to a 13-month low of $103.26
a barrel on Wednesday, as global supplies were seen as ample
despite ongoing violence in Ukraine and the Middle East.
Elsewhere, on the New York Mercantile Exchange, crude oil for
delivery in September declined 0.38%, or 38 cents, to trade at
$97.22 a barrel.
A day earlier, U.S. oil futures dropped to $96.75 a barrel after
weekly supply data showed that oil inventories rose by 1.4 million
barrels last week, compared to expectations for a decline of 2.0
Market players looked ahead to the release of U.S. jobless
claims data later in the day for further clues on the health of the
Data on Wednesday showed that U.S. retail sales were flat last
month, disappointing expectations for a 0.2% increase.
A raft of disappointing Chinese economic reports on Wednesday
cast doubt over the health of the world's second largest
Data showed that industrial production there rose at an
annualized rate of 9% in July, slowing from an increase of 9.2% a
Chinese bank lending and money supply growth for July also came
in below expectations, underlining concerns about slowing growth in
the world's biggest consumer of the industrial metal.
New loans dropped to 385.2 billion yuan last month from 1.08
trillion yuan in June, while social financing aggregate, a broad
measure of liquidity in the economy, fell to 273.1 billion yuan,
the lowest monthly reading since October 2008.
The U.S. and China are the world's two largest oil consuming
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