Crude Oil Remains Under Pressure

WTI Crude: futures bottomed around the $88-per-barrel mark, not far from an almost six-month low of $87 hit last week as concerns over a potential recession-driven demand downturn continued to hang over the market.

Data released over the weekend showed that China, the world’s top crude importer, imported 9.5% less oil in July than a year ago as refiners continued to reduce inventories.

Sour Chinese data followed US government figures last week, pointing to rising US crude inventories and declining gasoline demand.

Still, upbeat US labor and Chinese export data helped ease some concerns about an imminent global recession

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