Oil prices dip as demand outlook worsens on China woes, OPEC warning
Oil prices fell in choppy trade on Tuesday and nursed steep losses this week as weak economic data from China brewed more concerns over worsening demand, although the prospect of smaller U.S. rate hikes and tightening supply helped limit losses.
Crude markets plummeted at the beginning of the week after rising COVID cases in major importer China drummed up concerns over stricter lockdown measures, which could hurt crude demand in the world’s largest oil importer.
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