The recent decline in crude prices can be attributed to growing concerns regarding the global economy. One major factor contributing to this is the continuous decline in China’s exports, which is seen as a sign of a slowdown in the world’s second-largest economy. As China’s export market weakens, it creates a ripple effect on global trade and dampens overall economic growth. Moreover, the softening of U.S. oil consumption has also weighed on crude prices. With lower demand from the world’s largest oil consumer, the market is experiencing a surplus of supply, leading to downward pressure on prices. These combined factors have resulted in a bearish sentiment in the oil market, as investors worry about the future trajectory of the global economy and its impact on oil demand and prices.
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