Economic indicators point to a possible slowdown in Chinese economic growth. That would indicate a decline in oil demand in China, the world’s second largest economy and a major oil consumer.
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In addition, the recovering Libyan oil production also plays a role. It has faltered in recent months, but with 1.2 million barrels per day is for the first time back at the level of early April. Investors are also looking forward to Wednesday’s meeting of the oil cartel OPEC and its allies such as Russia, united in OPEC+. They then record their production levels for September.
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