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Barchart
Barchart
Rich Asplund

Crude Prices Retreat on the Prospects of Weaker Chinese Energy Demand

Sep WTI crude oil (CLU24) on Tuesday closed down -1.08 (-1.42%), and Sep RBOB gasoline (RBU24) closed down -2.50 (-1.05%).

Crude oil prices Tuesday extended Monday's slide, with crude posting a new 7-week low.  Tuesday's rally in the dollar index (DXY00) to a 2-1/2 week high was bearish for energy prices.  Also, energy demand concerns in China, the world's second-largest crude consumer, are weighing on crude prices after Citigroup cut its 2024 China GDP estimate to 4.8% from 5.0%.  

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