Oil prices fell on Tuesday after data showed Chinas imports and exports fell much more than expected in July, in a further sign of weak growth in the worlds largest oil importer. Brent crude futures were at $85.05 a barrel, down by 29 cents, or 0.34%. US West Texas Intermediate crude was at $81.69 a barrel, down by 25 cents, or 0.31%.
Data from the Chinese General Administration of Customs showed on Tuesday that oil imports to China in July were 43.69 million metric tons, or 10.29 million barrels per day, That was down 18.8% from imports in June, but still up 17% from a year ago.
At the same time, Chinas overall imports dropped 12.4% and exports fell 14.5% from a year earlier. The pace of export decline was the fastest since February 2020 and worse than analysts expectations.
