08:52 AM EDT, 07/16/2024 (MT Newswires) -- Oil prices fell for a third-straight session early on Tuesday, falling to the lowest in a month as weak growth in China, the No.1 importer, raises demand concerns.

West Texas Intermediate crude for August delivery was last seen down US$1.60 to US$80.31 per barrel, the lowest since June 14. September Brent crude, the global benchmark, was down US$1.45 to US$83.40.

The drop comes amid slow summer trading and concerns over weak growth in China. The country on Monday said its economy grew by 4.7% in the second quarter, the slowest pace in five quarters, as the country's ruling Communist Party stages its Third Plenum to come up with plans to stimulate an economy burdened by a debt crisis in its real-estate sector, slowing consumer demand and high youth unemployment.

"Markets have felt the hand of the summer doldrums and none more so than oil. The tepid action of yesterday outlines a market that is slightly fatigued ... Such listlessness has been made worse by the poor showing of data from China, and unless the Plenum shows signals of at least nodding to stimulus, other than convoluted property plans, those that seek demand stories will be much disappointed," PVM Oil Associates noted.

The drop comes despite rising hopes for the stimulus of a U.S. interest-rate cut after Federal Reserve Chair Jerome Powell on Monday said in a speech he is confident inflation is slowing and moving down the central bank's 2% target rate.