Oil falls, surrenders early gains on global demand concerns

Oil prices fell in today's trading to shed earlier gains in today's session and got under pressure as US dollar gained against most major currencies amid market's concerns about the global demand.

Concerns over demand for oil rose after government data showed Chinese GDP grew by 6.2 percent in the second quarter, in the slowest pace since 1992.

In another context, by 16:36 GMT, the dollar index (against a number of major currencies) rose by 0.1% to 96.9 points, with a high of 96.9 points and a low of 96.7 points.

In terms of trade, by 16:37 GMT, West Texas fell by 0.9% to $59.6 per barrel, with a high of $60.9 and a low of $59.5.

Brent fell 0.3% to $66.4 per barrel, reaching a high of $67.4 and a low of $66.2.