After a relentless seven-month march, the oil price rally appears to be in danger of collapsing after oil prices pulled sharply from their recent highs. Oil prices have been struggling to reverse last week's losses as the markets worry about a fall in demand after the Federal Reserve hiked interest rate by three-quarters of a percentage point, the largest bump since 1994.
Brent crude futures were down 38 cents, or 0.3%, at $112.74 a barrel on Monday, with front-month prices tumbling 7.3% last week, their first weekly fall in five. Meanwhile,…China May No Longer Be A Pillar Of Growth For Global Oil Markets
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