Oil prices edged lower on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines.
The dollar hung around five-week lows on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a rate cut in September, while cryptocurrenices gained on rising odds of former President Donald Trump getting reelected.
China’s economy grew less than expected in the second quarter, gross domestic product data showed on Monday, as weak consumption largely offset a fledgling recovery in manufacturing activity and industrial production.
China's industrial output rose 5.3% in June from a year earlier, slowing from 5.6% in May, as sluggish domestic demand continued to weigh on the country's patchy economic recovery.
Most Asian stocks retreated on Monday following disappointing economic growth figures from China, while uncertainty over U.S. politics, following an assassination attempt on former President Donald Trump, also dented sentiment.
Oil prices were muted in Asian trade on Monday as the dollar firmed in the aftermath of an assassination attempt on former U.S. President Donald Trump, while underwhelming growth data from China presented a weak outlook for demand.