China's economy slows from 5.3% last quarter to 4.7%. Forecasts were for 5.1%. China maybe already be in a recession. Oil falls $2 on the news, still supported above $80 per barrel.

Oil is caught between the pull of geopolitical issues; Middle East and Ukraine/Russia and the drag from the slowing Chinese economy, which is probably already in a recession.

Falling through its $83 and $81.50 supports.  The sell off was not as dramatic when the below news reports were released in the last 48 hrs, in relation to China's faltering economic growth.

• China June industrial output growth slows, retail sales miss expectations by large margin - Reuters

• China’s Economic Growth Comes in Worse Than Expected, Adding Pressure on Xi - Bloomberg

• China’s Economy Slows Sharply as Housing Troubles Squeeze Spending - NYT