Adedapo Adesanya
By Adedapo Adesanya
The price of the Brent Crude Oil at the global market appreciated on Monday by 0.31 percent amid reports of tightened supplies in the second half of the year.
As at the time of filing this report on Monday evening, the price of the Brent crude oil was traded at $66.93 per barrel after gaining 21 Cents.
It is believed that the release of the Chinese GDP growth data today might have contributed to the performance of the black gold at the international market.
According to reports, China’s economic growth slumped to its lowest level in nearly three decades as the world’s second largest economy feels the effects of a prolonged trade war with the United States.
A statement released by China’s National Bureau of Statistics on Monday indicated that the gross domestic product increased to 6.2 percent in the second quarter of 2019 from 6.4 percent in the previous quarter.
This figure is the slowest quarterly growth rate since 1992 and predictions show that the Chinese economy will continue to face “downward pressure” in the second half of this year.
Since the beginning of the trade face-off between the United States and China, oil prices have been fluctuating at the global market.
Also, on Monday, the price of the WTI Crude oil went up by 0.17 percent or 10 cents to trade at $60.31.
