*OIL SINKS 5% AS GLOBAL GROWTH, CHINA WORRIES FUEL SELLOFF - $CL_F
Investing.com -- Global growth worries are intensifying by the hour since the start of the year, pummeling oil prices for a second day in a row on Wednesday as the commodity's top importer China faced increased challenges in containing its COVID-19 contagion.crude for delivery in February settled down $4.09, or 5.3%, at $72.84 per barrel, after dropping to a three-week low of $72.77 earlier. WTI, as the U.S.
Growth worries aren’t exactly new since the world began recovering from the worst of the coronavirus pandemic, with each country’s progress determined by its relative immunity from the virus and inherent economic strength. Concerns over Beijing’s actions have been accentuated after the International Monetary Fund began the year with a tough warning that China and the world’s two other growth engines — the United States and Europe — were all in slowdown mode. Data on Tuesday showed that Chinese manufacturing activity shrank for a fifth straight month in December, as the country grappled with an unprecedented spike in coronavirus cases.
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