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Oil is under Pressure of Chinese Trade Balance
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China, one of the few countries which still demonstrates a trade surplus, contracted volume of foreign trade in July.


Last month Chinese Offices of Statistics registered the slowest growth of exports. Meanwhile, the analysts anticipated 8% increase, whereas the real reading made up just 1% on annual basis.


Nevertheless, import gained 4.7% which resulted in trade balance contraction up to 25.1 bn US dollars.


Such pessimistic data negatively affect outlook for oil demand. At the same time, market participants are expecting the government to undertake active measures in order to stimulate the economy. 


In the morning WTI oil dipped to the level of 92 dollars 40 cents per barrel.


News about weak demand for fuel in the USA adds additional pressure on oil quotes.


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