© Reuters. A view shows the Yan Dun Jiao 1 bulk carrier in the Vostochny container port in the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
By Muyu Xu and Colleen Howe
BEIJING/SINGAPORE (Reuters) -Oil fell on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand increases, while U.S. dollar strength dented investor’s risk appetite.
Global benchmark futures fell 58 cents, or 0.7%, to $77.71 a barrel by 0720 GMT. U.S. West Texas Intermediate crude futures (WTI) fell 61 cents, or 0.8%, to $71.79 a barrel.
Brent crude rose slightly on Tuesday while WTI fell as investors saw fundamentals weakening in the U.S. but the ongoing naval and air conflicts in the Red Sea increased concerns of tankers having to reroute to avoid the area, increasing costs and the amount of time for…
