Oil prices fell in early Asian trade on Thursday after reaching fresh highs in the previous session as concerns about the Chinese economy offset the positive impact of steep drawdowns in U.S. fuel stockpiles and Saudi and Russian output cuts.
West Texas Intermediate crude fell 23 cents, or 0.3 per cent, to $84.17, after settling at its highest since November 2022. China's consumer sector also fell into deflation and factory-gate prices extended declines in July, as the world's second-largest economy struggled to revive demand.
Source: Financial Digest (financialdigest.net)
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