Oil drops as investors look past Biden exit, focus on weak fundamentals

Quick Summary:

NEW YORK: Oil prices fell for a second consecutive session on Monday to their lowest level in over a month, as investors looked past U.S.

President Joe Biden's decision to end his reelection bid and focused on rising stockpiles and signs of weak demand.

"The Chinese interest rate cut has been too small to lift overall sentiment for crude oil," said UBS analyst Giovanni Staunovo.The U.S.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsraelYemen

Topics: Opec Oil Commodities Brent Petroleum Crude /Business/Business News WTI

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 07:56:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 460 words

Reading Time: 3 minutes read

Sentences: 19 lines

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Copyright Owner: © The Star

News ID: 21740238

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Main Topics: EconomyBusiness

Official Website: thestar.com.my

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