Oil Flipflops as US Growth Fears Counter China’s Growth Outlook
- Weak US retail sales, factory data heighten slowdown fears
- The sell-off in equity markets weighs down early oil gains
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Oil fell for the first time in almost two weeks as disappointing US economic data ignited fears of a recession and sparked a sell-off across Wall Street.
West Texas Intermediate reversed course after hitting the highest intraday price since early December, falling almost 1%. Demand data out of China boosted oil prices at the start of the session but the commodity’s surge hit a roadblock when equities turned sharply lower and the dollar rebounded.