Oil Gains Capped By Lackluster Industrial Data From China

U.S. West Texas Intermediate crude oil futures are trading lower late in the session on Thursday as traders fear the aggressive rate hiking campaigns by several major central banks will drive down demand by pushing the global economy into recession. A stronger U.S. Dollar also contributed to the weakness by making the dollar-denominated asset more expensive for foreign buyers.

The dollar strengthened on Thursday a day after the U.S. Federal Reserve said it expected interest rates higher for longer. Safe-haven buying tied to a huge sell-off in U.S.…