(Bloomberg) -- Oil declined as disappointing Chinese economic data and a resumption of Libyan production undercut signs of a tightening market. Meanwhile, China’s economy expanded more slowly than expected in the second quarter, though apparent oil demand grew 14% last month from a year earlier. Crude remains lower this year as China’s lackluster recovery and the Federal Reserve’s rate hikes weigh on demand. Yet oil has rallied the last three weeks on signs the market is finally tightening, with OPEC+ heavyweights Saudi Arabia and Russia both reducing crude exports. Most Read from Bloomberg Businessweek©2023 Bloomberg L.P.

Source: Libya Today July 17, 2023 16:08 UTC