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Oil Prices Fall As Economic Fears Override Fundamentals ...Middle East
Crude oil prices fell early this morning after closing Wednesday with a gain. Data showing China’s service sector contracted for the second month in a row and expectations that the U.S. Fed will continue with its aggressive rate-hiking approach have added to downward pressure. Earlier in the week, unverified reports about a pending relaxation of China’s Covid restrictions pushed oil temporarily higher but in the absence of official confirmations either way the effect fizzled out quickly. Now, it’s the latest reading of the Chinese…
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