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  • Dec 16, 2024

Oil Slips as Lackluster Chinese Data Weakens Outlook for Demand

(Bloomberg) -- Oil slipped as economic data from China reinforced concerns about weakening demand in the world’s biggest crude importer. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxHow California Sees the World, and ItselfLondon’s Tube Fares Are Set to Rise by 4.6% Next YearWest Texas Intermediate edged 0.8% lower to settle below $71 a barrel, while Brent breached $74. China’s crude refining dipped to the lowest in five months in November, while apparent oil dem

  • Dec 16, 2024

Oil sags on soft Chinese spending, investor pause before US Fed rate move

Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, the world's largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve's interest rate decision. Last week, oil benefited from the expectation that supply would tighten with additional sanctions on crude producers Russia and Iran, while possible lower interest rates in the U.S. and Europe would spur demand. "We feel that last week’s events have been appropriately priced and that this week will be bringing fewer items capable of supporting oil prices," said Jim Ritterbusch of consultancy Ritterbusch and Associates in Florida.

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