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Crude Oil Price Wilts As China Growth Falls Short, US Inventory Eyed

January 17, 2024

Via: DailyFX

Crude oil prices fell by more than a dollar per barrel on Wednesday as China’s growth data disappointed, raising more worries about end-demand for energy.

The world’s number two economy expanded by an annualized 5.2% in the final quarter of 2023. This was only a tick below expectations but, given weak rises in household income and clear pressure on consumer sentiment, that was enough to hit oil prices.

The United States West Texas Intermediate benchmark slid by $1.35, with a fall of similar magnitude hitting international bellwether Brent.

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