Today’s Brent crude falls after worries of slow economic revival in China

Apprehensions about slow economic recovery in China have led to a marginal decline in Brent crude price, while data showing an unprecedented drop in crude oil stocks pushed up the US crude price.
Brent crude fell 2 cents to $107.79 a barrel, while US crude oil rose 82 cents to $104.35 a barrel, reported Reuters.
Customs data showed that imports of crude oil imports in China dropped 7.4%in June from the previous month, while trade data has indicated signs of an economic slowdown.
The American Petroleum Institute released data which revealed crude inventories dropped by nearly 9 million barrels in the week, against analysts' forecasts of a decline of 3.3 million barrels.
Oil prices came under pressure after the US dollar reached a three-year high against other major currencies.
On Tuesday, the International Monetary Fund (IMF) lowered its global growth prediction for the fifth time, since the beginning of 2012.
IMF has reduced its forecast mainly due to a slowdown in emerging economies and recession hit Europe, which also capped oil prices.
US oil prices received some support as the US Energy Information Administration (EIA) had slightly squeezed its outlook for oil markets in 2014 and left the balance for 2013 unaltered.
Image: Concerns about slow economic recovery in China has pulled down Brent crude price; Photo: Courtesy of freedigitalphotos.


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