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Oil Falls on Weak Chinese Data, Hawkish Fed Also Weighs
Oil prices retreated from a three-week high on Thursday after weak economic data from China pointed to more trouble in the world’s largest crude importer, while the outlook for demand was also dimmed by the prospect of higher U.S. interest rates.
A private survey showed that China’s massive services sector shrank for a second straight month in October, heralding more economic weakness for the country as it struggles with containing new COVID outbreaks.
Speculation over a possible easing of COVID curbs had somewhat brightened sentiment towards China this week. But lack of official word on the matter swiftly reversed this.
