Oil Slumps as Weak Chinese Data Dominates Market Sentiment
- US job openings surge to the highest in three months
- Chinese manufacturing data contracted, sending oil near $68
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Oil extended this week’s decline as China’s lackluster economic recovery outweighed an optimistic US jobs report.
West Texas Intermediate declined more than 1% to settle near $68 a barrel. Fresh data showed manufacturing activity in China fell at a faster pace than the previous month, prompting fears that a post-Covid bounce had petered out. Futures attempted a rally after US figures revealed job openings unexpectedly surged but were unable to withstand mounting disappointment with China and a stronger dollar.