China’s drop in oil demand is "warning sign’"

Experts fear that the significant drop in China’s oil demand in July is a warning sign that the country will not buoy up global demand as quickly, as market participants had expected.

Eugen Weinberg, head of commodity research at Commerzbank, says the news of China’s slowing demand should be seen as a “warning sign”.

“All the hopes for an increase in oil demand were pinned on China, so this will be a negative surprise,” says Weinberg. “US and European oil demand is dropping, so hopes for rising

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