Oil prices rise, Brent crude below $100

Oil prices rose today, July 15, after falling remarkably yesterday on concerns about economic slowdown and forecasts of Fed interest hike.

China’s GDP grew by 0.4% year-on-year in Q2 2022, its lowest level since Q1 2020, which raises worries about economic slowdown in the world’s second largest oil consumer, according to official data released today.

China’s refinery output slipped in June by about 10% YoY. The country’s output dropped 6% YoY, marking the first annual decline for the same period since 2011.

Brent crude futures for September delivery rose 0.54% to $99.66 a barrel at 9:10 am Makkah time, and US crude futures for August delivery increased by 0.40% to $96.17 a barrel, recovering from its lowest level since the onset of Russia-Ukraine war when it reached $91 a barrel.