China's GDP Disappoints, Oil Prices Slide

Oil prices dropped over 1% as weaker than expected Chinese economic growth raised concerns about demand in the world's second-largest oil consumer. China's GDP grew 6.3% in Q2, falling short of analyst forecasts of 7.3%, due to weakening demand at home and abroad. The partial restart of halted Libyan output also added pressure to oil prices. Additionally, Russian oil exports from western ports are expected to decrease next month, signaling tighter supplies.