Oil Trades Near Three-Week Low on Concern China Demand Slowing

Crude oil traded near its lowest level in three weeks on concern that a slower pace of economic recovery in China may constrain global fuel demand.

Car sales growth in the country slowed in June, the China Automotive Technology & Research Center said today, and a services-industry index slid to a 15-month low, according to HSBC Holdings Plc and Markit and Markit Economics.

“The market’s displayed some uneasiness about recent macroeconomic Chinese data,” said Mike Wittner, head of oil market research at Societe Generale SA in London. “But oil demand there has been very strong, and barring a sharp slowdown similar to 2008, we forecast that will continue.”

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- Posted: 2010-07-05 10:03:53

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