Oil dropped by more than 1% on Monday after weaker than expected Chinese economic growth fuelled concern over demand in the world's second-biggest oil consumer while a partial restart of halted Libyan output also pressured.
grew 6.3% year on year in the second quarter, compared with analyst forecasts of 7.3%, with its post-pandemic recovery faltering rapidly owing to weakening demand at home and abroad.
Brent crude fell $1.39, or 1.7%, to $78.48 a barrel by 1015 GMT and U.S. West Texas Intermediate crude dropped by $1.34, or 1.8%, to $74.08 on a second straight day of losses for both contracts. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. The alert was subsequently withdrawn because it repeated news published on June 4.
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