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Crude Oil Prices Extend Lower Amid Weaker US and Chinese Data

August 16, 2021

Via: DailyFX
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Crude oil prices extended lower during Monday’s APAC mid-day session, marking a three-day decline of 2.35%. The release of poorer-than-expected Chinese industrial production and retail sales figures weighed on energy prices, showing that the world’s second-largest economy is struggling to maintain growth momentum amid viral resurgence. Meanwhile, the University of Michigan said its preliminary consumer sentiment index plunged to 70.2 in early August, marking a sharp pullback from 81.2 in July. This is also the lowest reading observed in a decade, pointing to a slowing recovery and dampening the energy demand outlook.

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