Oil Prices Close on Decline

Oil prices declined at the close of trading on Monday. Brent crude futures fell by 18 cents, or 0.2 percent, to settle at $84.85 per barrel. Meanwhile, West Texas Intermediate (WTI) crude dropped by 30 cents, or 0.4 percent, to settle at $81.91 per barrel. The price of crude oil had declined last week after four weeks of gains, as hopes for a summer demand recovery in the United States were offset by concerns about demand in China. These concerns were heightened by Chinese economic data showing that the world's second-largest economy grew by 4.7 percent in the second quarter from April to June, marking the slowest pace since the first quarter of 2023. Source: Qatar News Agency