Signs of emerging weakness in crude oil demand in the world’s biggest importer of the commodity, China, are casting a shadow over the success of OPEC+ to prop up prices. According to a Bloomberg report, the decline in the housing market is one sign of this weakness, with eleven consecutive months of declines in home sales.
This has in turn affected construction activity, which is a major driver of energy and fuel demand, the report also said, noting a decline in China’s apparent consumption of crude in April, which was the first…Signs of Weakening Oil Demand in China Multiply
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