Oil Slumps as China Demand Fears Ignite ‘Bearish Dominance’
- Israel, Hamas accuse each other of imperiling cease-fire deal
- Libya’s Waha field returns to normal production levels
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Oil fell the most in more than two weeks, with the lackluster demand outlook for the world’s two largest economies outweighing geopolitical tensions in the Middle East.
West Texas Intermediate dropped 3% to settle near $74 a barrel. Prices have dropped amid signs of softness in China, the biggest oil importer, as economic growth has slowed and the decarbonization of the transportation sector has eroded some fuel demand.