# Crude Prices Retreat on the Prospects of Weaker Chinese Energy Demand

> Crude oil closed lower on Tuesday, extending a slide to a new seven-week low on energy demand concerns in China after Citigroup cut its 2024 China GDP forecast. Support came from ongoing Hamas-Israel conflict risks and Red Sea shipping disruptions by Houthi rebels.

- Date: 2024-07-30 · published 2024-07-30T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/29445-crude-prices-retreat-on-the-prospects-of-weaker-chinese-energy-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Weaker Chinese energy demand lowers crude and diesel prices, reducing biofuel and feed-transport costs. Red Sea rerouting keeps freight costs high, partly offsetting the energy decline for grain shipments.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-05-30 | [Crude Prices Weighed Down by Energy Demand Concerns](https://feedsoft.ai/events/30418-crude-prices-weighed-down-by-energy-demand-concerns.md) | -6.5% | +3.4% |
| WTI | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -6.7% | +12.5% |
| WTI | 2023-08-21 | [Crude oil settles lower as hope fades for Chinese demand](https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand.md) | -1.2% | +12.6% |
| WTI | 2020-04-23 | [Ringgit at risk from weak crude oil prices](https://feedsoft.ai/events/53931-ringgit-at-risk-from-weak-crude-oil-prices.md) | +9.9% | +145.0% |
| WTI | 2026-06-30 | [ECB’s Sleijpen: Energy price retreat will have an impact on inflation](https://feedsoft.ai/events/19031-ecb-s-sleijpen-energy-price-retreat-will-have-an-impact-on-inflation.md) | -3.1% | +17.1% |
| BRENT | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -8.1% | +10.6% |
| BRENT | 2023-08-21 | [Crude oil settles lower as hope fades for Chinese demand](https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand.md) | -0.5% | +11.0% |
| BRENT | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -0.4% | +8.7% |

## Sources

- barchart.com: https://www.barchart.com/story/news/27705022/crude-prices-retreat-on-the-prospects-of-weaker-chinese-energy-demand

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.