OIL prices extended their decline into a second session on Monday after China's second-quarter growth came in weaker than expected, fuelling concern about demand in the world's No. 2 oil consumer, while Libya resumed production on the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West before going full on with stimulus," Grasso said.

Source: Libya Today July 17, 2023 08:00 UTC