23 Aug, 23

Seven-Week Oil Price Rally Ends, But Fundamentals Support Bulls

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The seven-week old oil price rally triggered by tightening oil markets has suddenly hit the skids after weak economic data coming from China weighed on market sentiment. China’s worsening property crisis has raised serious concerns about the health of the economy in the world’s biggest oil importer and lowered risk appetite across markets. Yet, oil consumption figures in China have held up, suggesting those worries might be unwarranted. “Chinese product inventories are tight and although diesel inventories have recently rebounded from the…

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