(Bloomberg) — Oil traded near a seven-week low on a shaky demand outlook, especially in the biggest importer China.
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West Texas Intermediate was close to $76 a barrel after losing more than 3% over the previous two sessions, while Brent crude closed below $80. Banks including Citigroup Inc. have downgraded their growth forecasts for Asia’s biggest economy, helping to weaken physical export prices of US oil.
Crude remains modestly higher for the year, aided by OPEC+’s supply cutbacks and expectations for lower borrowing costs in the US. Technical indicators are showing the latest move lower has been too quick, with both Brent and WTI now oversold on the nine-day relative strength index.
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