Ramallah - Palestine Economy Portal

Oil prices fell on Monday after China posted its slowest quarterly economic growth seen in at least 27 years, boosting concerns about demand in the world's top crude importer.

Brent crude for September delivery was down 15 cents, or 0.2 percent, at $ 66.57 a barrel, while US crude for August delivery fell 24 cents, or 0.4 percent, to $ 59.97 a barrel.

Both crude oil prices last week posted their biggest weekly gain in three weeks, driven by cuts in US oil production and diplomatic tensions in the Middle East.

Tropical Storm Barry's refineries continued to operate despite the risk of flooding, while the storm reduced US crude production in the Gulf of Mexico by 73 percent, or 1.38 million bpd.

"The supply side keeps prices strong," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

China's economic growth slowed to 6.2 percent year-on-year in the second quarter, in line with analysts' expectations, as demand at home and abroad fell under the weight of the Sino-US trade war.

But China's industrial output and retail sales beat forecasts, "indicating that China's economy is better off than we thought it was," McCarthy said.