| Oil prices gave back a big chunk of last week’s gains, with traders losing hope that the world’s big producers will cut their output and that Asia’s economies can help drive demand. The market had shot to a three-week high late last week on speculation of increasing economic stimulus, and cooperation on output cuts between Russia and OPEC.
But many leaders of the Organization of the Petroleum Exporting Countries are actively damping expectations for cuts. New data also suggests U.S. output is still resilient and the Chinese manufacturing sector is still contracting...............................................Full Article: Source
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