Oil prices retreat after China GDP data
ecPulse
2015-01-20 10:50AM UTC
Oil prices tumbled on Tuesday after data showed that China’s economy grew 7.4% in 2014, below the government`s official target of 7.5%. Official data released earlier showed that China’s economy grew at the slowest pace in 24 years, which weighed on oil markets, given China the world`s second-largest oil consumer. The crisis of weak demand against rising oil supply still dominates oil markets amid expectations of a constant drop in prices in the coming period. Crude oil futures dropped by 3.11% to $47.60 a barrel at 08:40 GMT.
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