The globe's second-largest consumer of the energy commodity saw gross domestic product from the first quarter of this year climb 7.7 percent as compared to the same period last year. Economists' median forecast anticipated an increase of 8 percent. The U.S. is the globe's top consumer of the energy commodity.
"The GDP number is just so weak and it's putting tremendous pressure on crude," commodity fund manager Tariq Zahir with Tyche Capital Advisors in New York told the news source on Monday. "The concern is that China's oil demand is weaker. The bears are in charge today."
At 10:26 a.m. on Monday, WTI crude oil futures dropped 2.99 percent, a $2.67 loss to $88.72 per barrel. At 10:20 a.m. on Monday, Brent crude oil futures fell 2.41 percent, a $2.46 slump to $100.73 per barrel.
Reuters reports the Asian nation was on pace to achieve a GDP advance of at least 7.9 percent given that was the amount of the climb from the final quarter of last year.
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