Oil prices sink as China data raises fresh fear about crude demand

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Oil futures fell Monday, with the commodity under pressure after a round of weak China data underscored the potential damage to demand from the spread of the delta variant of the coronavirus that causes COVID-19.

West Texas Intermediate crude for September delivery
CL00,
-2.59%

CLU21,
-2.59%

fell $2.02, or 3%, to $66.42 a barrel on the New York Mercantile Exchange. October Brent crude
BRN00,
-2.31%

BRNV21,
-2.31%
,
the global benchmark, was off $1.79, or 2.5%, at $68.80 a barrel on ICE Futures Europe.

July data out of China showed retail sales and industrial production disappointed, along with a January-to-July measure of fixed-asset investment. Meanwhile, the Taliban’s takeover of Kabul and the fall of the Afghanistan government was seen contributing to a weaker tone in financial markets but did little to add…

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