• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Oil prices dip as China’s economic growth disappoints

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
55
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil prices dip as China’s economic growth disappoints

Oil prices fell by around 1% in early Asian trade on Monday after major Libyan oilfields resumed production over the weekend following a brief shutdown and after China reported second-quarter economic growth below expectations.

In the morning in Europe, the U.S. benchmark WTI Crude was trading down by 0.98% at $74.68 per barrel, while the international benchmark, Brent Crude, traded below the $80 per barrel mark it had reached last week for the first time since May. Brent was down by 0.96%, at $79.10.

Underwhelming Chinese GDP data weighed on the oil market, again, after the world’s second-largest economy and top crude oil importer reported early on Monday 6.3% GDP growth for the second quarter, missing expectations of 7.3% growth and slowing quarter-on-quarter. GDP in the second quarter rose by just 0.8% compared to the first quarter, after 2.2% quarterly growth in the first quarter.

The economic growth miss from China added to the return to production of large Libyan oilfields to weigh on oil prices on Monday.

Last Friday, Libya’s largest oilfield, Sharara, was fully halted amid protests on Friday as tensions in the restive African OPEC producer returned. The El Feel oilfield close to Sharara was also affected and was also stopped. Combined, the Sharara and El Feel oilfields in southwestern Libya pumped around 350,000 bpd of crude oil before the stoppage.

The halting of production at the fields was the result of protests by the Al-Zawi tribe over the kidnapping of Faraj Bumatari, a former finance minister.

RelatedPosts

GoldBod Suspends Gold Buyer’s Licence Over Illegal Pricing

JICA and AfDB Sign Agreement to Extend Enhanced Private Sector Assistance Initiative for $5.5 Billion

New Digitized Credit Plans Put Farmers First

Bumatari has been released, tribal leader Al-Senussi Al-ahlaiq told Reuters, which led to the resumption of production at Sharara and El Feel.

Libya lost 340,000 barrels in production due to the closures, Oil Minister Mohamed Aoun told Dubai-based Asharq TV this weekend.

The oil ministry warned that Libya would lose market share due to the on-and-off supply.

“The loss of confidence in the continuity of Libyan oil supply to the global market will result in a loss of market share for Libyan oil and decreased demand for it,” the ministry said in a statement carried by Reuters.

Tags: Chinaoil pricesOil prices dip as China’s economic growth disappoints
No Result
View All Result

Highlights

International Syndicates Behind Oil Theft in Nigeria

Dangote Ends West Africa’s Fuel Import Dependence, Emerges Region’s Key Diesel, Jet Fuel Supplier

Parliamentary Select Committee on Lands and Natural Resources Visits AGA Iduapriem Mine

Parliamentary Select Committee Lauds Gold Fields’ Contributions During Working Visit

GRA Refutes Claims of Irregularities in Auction of Perishable Goods at Ports

COCOBOD in ICU: Can Dr. Raddy Abbey Resuscitate Ghana’s Cocoa Lifeline?

Trending

Business

GoldBod Suspends Gold Buyer’s Licence Over Illegal Pricing

August 28, 2025

GoldBod Suspends Gold Buyer’s Licence Over Illegal Pricing The Ghana Gold Board (GoldBod) has suspended the operating...

JICA and AfDB Sign Agreement to Extend Enhanced Private Sector Assistance Initiative for $5.5 Billion

August 28, 2025

New Digitized Credit Plans Put Farmers First

August 28, 2025

International Syndicates Behind Oil Theft in Nigeria

August 28, 2025

Dangote Ends West Africa’s Fuel Import Dependence, Emerges Region’s Key Diesel, Jet Fuel Supplier

August 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.