Oil Slips as Lackluster Chinese Data Weakens Outlook for Demand
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Oil slipped as economic data from China reinforced concerns about weakening demand in the world’s biggest crude importer.
West Texas Intermediate edged 0.8% lower to settle below $71 a barrel, while Brent breached $74. China’s crude refining dipped to the lowest in five months in November, while apparent oil demand fell 2.1% year-on-year. China’s retail sales growth was well below estimates.