Oil slides on concerns over China’s demand outlook

[superadmin]

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.

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