Oil drops as US Gulf supply worries ease and China inflation weakens

Oil prices dipped as the impact from Hurricane Beryl dissipated and inflation data highlighted persistently weak consumer demand in top crude importer China.

Oil and gas companies have begun restarting operations. Some ports reopened, and most producers and facilities were ramping up output, although some facilities sustained damage and power restoration is still ongoing.

Concerns over demand in China also weighed on prices. Consumer prices in the world’s second-largest economy grew for a fifth month in June but missed expectations, while producer price deflation persisted.

Read more to find out why oil prices are dipping.