Oil prices dip 1.7% after weak Chinese data

Oil drilling rigs

Oil prices settled around 1.7% lower on July 17 on fresh concerns for weak Chinese demand for crude.

China’s gross domestic product (GDP) grew just 0.8% in April-June from the previous quarter, compared with a 2.2% expansion in the first quarter .

Brent crude for September delivery lost 1.7%, or $1.37, to $78.50 a barrel and US WTI contracts for August delivery crude closed 1.7%, or $1.27, lower at $74.15.