Weak Chinese activity weighs heavy on oil

The official Chinese manufacturing purchasing managers’ index shows gloomy projections.

Elsewhere, the Organization of Oil Exporting Countries and its allies, OPEC+, convened at meeting on June 4. Reuters writes that is remains uncertain whether the group intends to increase output cut to underpin prices. | Photo: Liz Hampton

by MARKETWIRE, translated by simon øst vejbæk

Weak Chinese data squeezed oil on Wednesday morning, outweighing positive news on the US debt default bill.

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