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10/15, 1:19 PM (Source: TeleTrader)
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Oil prices drop following weak Chinese data

Prices of oil futures fell after recent data reports from China sparked worries that its oil demand might be lower in the near future. China's National Bureau of Statistics (NBS) announced on Tuesday that producer prices in China in August decreased by 1.2% year-on-year, which represents a three-year record.

Brent for December deliveries declined 0.83% to go for $58.87 per barrel at 7:08 am ET, while West Texas Intermediate (WTI) for settlements in November dipped 1.06% to sell for $53.02 per barrel concurrently.

Breaking the News / MS