"Global Economic Worries Dampen Oil Price Surge"

Weaker-than-expected economic data from China is dampening sentiment in the oil market, offsetting optimism about the US economy. Despite concerns about the world's largest and second-largest economies, oil demand is estimated to have reached a record high in June and is expected to continue growing. Saudi Arabia and OPEC+ are maintaining production cuts, with the Kingdom extending its unilateral cut into September. However, weak Chinese economic data, including industrial production and retail sales, have halted price rallies. Analysts suggest that China needs additional policy stimulus to revive its economy. The focus remains on China as it is expected to account for over 70% of this year's global oil demand growth.