Oil prices drop less than 1% after release of data on Chinese economy

World oil prices fell by less than 1% on Monday morning after the publication of macroeconomic data by China, Report informs.

The price of September futures for Brent crude fell by 0.9% to $79.15 per barrel, and September futures for WTI dropped by 0.92% to $74.63.

The oil market reacted to the release of statistical data on the Chinese economy. According to the State Statistical Bureau, in the second quarter of this year, the country's GDP grew by 6.3% in annual terms after rising 4.5% in the first quarter. At the same time, analysts expected the growth rate at 7.3%. China's economic growth is an important factor for investors, since the PRC is one of the world's largest oil importers.

Statistics on industrial production and retail sales were also released. As a result of June, the production volumes of large industrial enterprises in China grew by 4.4% in annual terms, but an increase of 2.7% was expected. Retail sales over the same period increased by 3.1% y-o-y against a forecast of 3.2%.

Also on Sunday, the Libyan Ministry of Oil and Gas announced the resumption of oil production at the country's two largest fields, El Fil and Ash Sharara, after they were unblocked by protesters. Last week, protesters from the Al-Azwiya tribe blocked the fields due to the detention in the capital Tripoli of their tribesman, former finance minister Faraj Bumtari. Libyan Oil and Gas Minister Mohammed Aoun said that due to the shutdown of fields, the country was losing about 340,000 barrels per day.