05-02-2023, 03:42 PM
![[Image: oil-rig-sarawak-reuters-1-1.jpg]](https://media.freemalaysiatoday.com/wp-content/uploads/2020/09/oil-rig-sarawak-reuters-1-1.jpg)
SINGAPORE: Oil held a loss as concerns over China’s economic outlook and caution in financial markets spurred by a banking crisis dominated sentiment.
West Texas Intermediate held below US$76 a barrel after dropping 1.5% on Monday. China’s recovery remains patchy with recent data pointing to a contraction in manufacturing. Still, tourism and travel activity soared on the first day of the country’s five-day Labor Day holiday, possibly signalling increased demand for fuels in the world’s largest crude importer.
- More -