Oil prices fell over 1.5% due to Chinese economic growth data coming in below expectations, raising concerns about oil demand and the Chinese economy as a whole. As doubts emerged about inflated demand, the pace of hedge fund buying slowed down. Brent crude settled at $78.50/barrel, down 1.7%, and U.S. West Texas Intermediate crude closed at $74.15, down 1.7%. The restart of Libyan output and planned Russian supply cuts added to the pressure. Additionally, U.S. shale oil production is expected to decline in August for the first time since December 2022.