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Oil prices slip on Chinese demand concerns, rising U.S. activity

Oil prices slip on Chinese demand concerns, rising U.S. activityOil prices fell on Monday as a slowdown in Chinese refining raised concerns about demand in the world’s second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut. Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics (NBS) data showed, down around 500,000 bpd from June and the lowest rate since September 2016. Analysts said the drop was steeper than expected, exacerbating concerns that a glut of refined fuel products could weaken Chinese demand for oil.

Source: Yahoo Finance

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