TOKYO :Oil prices fell on Thursday, paring some of the previous day's gains, as investors took profits on concerns of further interest rate hikes dampening economic growth and global fuel demand while weak economic data in China also weighed on sentiment.Brent crude futures declined 40 cents, or 0.5 per cent,
TOKYO :Oil prices fell on Thursday, paring some of the previous day's gains, as investors took profits on concerns of further interest rate hikes dampening economic growth and global fuel demand while weak economic data in China also weighed on sentiment.
"The market turned around on renewed worries about further rate hikes in the U.S. and Europe, which will reduce global oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins.
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