Oil prices fall due to lower demand - Economist

Oil prices fell on Wednesday, July 14, due to new concerns about demand, after data showed a decline in China's imports of crude in the first half of the year, but it is still near the highest level in a week, amid concerns about supplies as the global economy recovers from the Corona pandemic.

Brent crude oil prices fell by 8 cents, equivalent to 0.1%, to $76.41 a barrel, and in the same context, the price of West Texas Intermediate crude oil fell 15 cents, equivalent to 0.2%, to $75.10 a barrel.

We find that Chinese crude imports declined by 3% from January to June compared to the same period last year, the first contraction since 2013.