Oil prices fell sharply on Monday, dragged down by disappointing economic data from the world’s largest crude oil importer and the world’s second-largest crude oil consumer. The price of WTI and Brent crude fell by more than 5% as China’s central bank cut lending rates to light a fire under demand, as its July economic data soured on the back of China’s restrictive zero-Covid policy.
Further dragging down China’s July economic data is its property crisis, which saw property investments fall by 12.3% in July—the…Oil Drops 5% On Disappointing Economic Data From China
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