Crude oil weakens further in European session with the font-month WTI contract breaking below 76 (currently trading at 75.6), after surging to a 5-week high of 78.13 2 days ago. Brent crude also reverses earlier gains and slides to 77.8. The contract soared to 79.59 yesterday, the highest level since May 14. Apart from disappointing US economic data that raised doubts about energy demand in the world’s biggest economy, comments from Bin Xia, an adviser from People’s Bank of China (PBOC), about slowdown in China also hurt sentiment.
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Crude Extends Decline amid Worries over Economic Slowdown
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