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8/16, 9:25 AM (Source: TeleTrader)
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Oil slides 2% as Chinese data disappoints

Oil prices dropped by more than 2% on Monday as the investors digested China's industrial production report.

While Beijing's industrial production expanded on a yearly basis, it still came in below the analysts' expectations. Moreover, the figure was 1.9% lower compared to the prior month, which seemingly prompted worries over one of the world's largest oil consumer's future demand for crude.

Brent for October delivery was down 2.05% to $69.15 per barrel at 3:14 am ET. A minute later, West Texas Intermediate futures for September settlement dropped 2.24% to $66.91 per barrel.

Breaking the News / BU