CHINESE GROWTH SLOW-DOWN HOLDS BACK TENDENCY OF OIL TO CLIMB FURTHER
RELIEF FOR IMPORTERS SUCH AS INDIA AS NEW CONSTRAINTS WEIGH DOWN PRICES
2023-08-09 14:13
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A spurt in crude oil prices, which appeared menacing to importing countries such as India, has lost steam, thanks to the emerging realities about the Chinese economy as well as the shock of the American rating downgrade. In the net effect, the optimism imparted by a much-hyped Chinese move to support the private sector, in the process boosting demand for oil, tapered off, placing the commodity on somewhat more slippery ground.