Brent crude futures fell to below the $75.9 per barrel mark on Tuesday, the lowest since mid-December 2023, as expectations of muted demand magnified the impact of relatively ample supply. A batch of new data from China exacerbated concerns that economic growth from one of the world’s largest oil consumers is unlikely to bounce back this year, with key gauges of domestic factory demand dropping more than expected in August.
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Crude Oil sits 2% lower after China data fuels demand concerns amid US Fed rate cut hopes; Brent slips below $80/bbl
Global crude oil prices settled down nearly two per cent in the previous session, with Brent crude below $80 a barrel, as investors tempered expectations of demand growth from top oil importer China. Crude oil prices were little changed on the week after Wall Street lifted US Fed’s interest rate cut bets.