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Oil falls as China's economic recovery disappoints, dollar strengthens

IndiaTimes Wednesday, 17 January 2024
Oil prices dropped on Wednesday as China's economic growth, which fell slightly short of expectations, raised concerns about future demand. Additionally, the strength of the US dollar dampened investor risk appetite. Brent crude futures declined by 1.5%, or 1.19 dollars, to reach 77.10 dollars per barrel, while US West Texas Intermediate crude futures (WTI) saw a 1.7% decrease of 1.21 dollars, bringing the price down to 71.19 dollars. China's economy in the fourth quarter expanded by 5.2% year on year, missing analysts expectations.
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