Oil struggles to shake off concern over demand after China data
Commodity Alert: Oil struggles to shake off concern over demand after China data
Oil prices struggled to stay in positive territory after data showed industrial activity in some of the world’s major crude-consuming nations has softened.
oil prices declined on concerns of a slowdown in the global economy after three out of the world’s top consumers of crude - China, India and Japan - reported a slowdown in monthly factory activity.
While China’s week-long Lunar New Year holiday this month disrupted business activity, traders also pointed to tougher pollution rules that curtailed factory output.
Impact: Negative for Crude Oil.