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Oil Skids Below $60 as Barry Leaves Gulf, Chinese Economy Stalls

  • Exxon, Chevron returning to offshore platforms as storm passes
  • WTI futures drop 1.1%, highlighting fragile market sentiment
Bloomberg business news
Louisiana Governor on Barry
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Oil tumbled below $60 a barrel as a tropical storm that shut almost three-quarters of U.S. Gulf of Mexico production moved inland while China fueled concerns about demand growth.

Futures closed 1.1% lower in New York, the biggest loss in almost two weeks. With Hurricane Barry now ashore and weakening, drillers have begun restaffing offshore installations in the Gulf. About 69% of crude output remained shuttered, the U.S. government said Monday, down from 73% over the weekend.