Oil trades lower after the strongest weekly gain since March, losing ground after China data raises worries about demand from the world's largest crude...
Oil futures traded lower Monday following their strongest weekly gains since March, losing ground after China data raised worries about demand from the world’s largest crude importer.
Price action Market drivers Analysts tied weakness in crude to the September reading of the Caixin service purchasing managers index for China released over the weekend, which fell to 49.3 versus a reading of 55 in August, dragged down by lockdowns aimed at containing the spread of COVID-19. A reading of less than 50 indicates a contraction in activity.
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