Oil slips after 4-day rally on demand concerns, stock levels
Weak data from key consumer China muddies demand outlook
Singapore
OIL Prices fell on Wednesday as renewed concerns over global demand and high stock levels halted a rally that pushed up prices by about 19 per cent over the past four sessions.
The recent rebound was driven by hopes that prices may have hit a bottom after a seven-month rout slashed oil futures by nearly 60 per cent and prompted major energy firms to cut spending on new production. But weak data from key consumer China has rekindled demand concerns, dragging on oil prices.
TRENDING NOW
Why US$100 oil, 5% US yields affect Singdollar, ringgit differently vs other Asean currencies
Asia needs new energy security architecture
Despite the de-dollarisation debate, demand for dollar liquidity in Asia is growing
Anthropic to open Singapore office in October, sees it as a ‘standout market’ for Claude
