Chinese economic indicators impact oil prices.

Oil prices fell by 1% due to forecasts of slower oil demand growth in China and disappointment with the size of cuts in China's key lending rates. The hawkish remarks from U.S. Federal Reserve officials and a strengthening of the U.S. dollar also contributed to the decline. China's retail and factory sectors were struggling to sustain momentum from earlier this year, and crude demand will grow less than previously expected due to strong interest in electric vehicles. Iran's crude exports and oil output have hit new highs this year despite U.S. sanctions, while Russia is set to increase seaborne diesel and gasoil exports this month, outweighing cuts by OPEC and allies.