Oil Slumps as China Demand Fears Ignite ‘Bearish Dominance’

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Key Points

Oil fell the most in more than two weeks, with the lackluster demand outlook for the worlds two largest economies outweighing geopolitical tensions in the Middle East...

Prices have dropped amid signs of softness in China, the biggest oil importer, as economic growth has slowed and the decarbonization of the transportation sector has eroded some fuel demand...

The positive correlation between oil and equity indices broke down, which is underlining the bears dominance, Alex Kuptsikevich, FxPro senior market analyst, said in a note to clients..

Ceasefire efforts are being hampered by fresh disagreements between Israel and Hamas, and Iran-backed Palestinian groups claimed responsibility for what they said was a suicide mission in Tel Aviv on Sunday...

Elsewhere, production at Libyas Waha oil field has returned to normal levels of about 300,000 barrels a day after pipeline maintenance was completed earlier than expected, according to people with knowledge of the situation..

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