Oil Extends Loss Into Third Week on Concerns Over China Recovery
(Bloomberg) -- Oil fell to extend two weeks of losses after data from China reignited concerns about a patchy recovery in the world's biggest crude importer.
West Texas Intermediate accelerated losses Monday afternoon in low-volume trading. Futures opened lower this week after data released Sunday showed China's manufacturing activity unexpectedly contracted.
Meanwhile, JPMorgan Chase & Co. won its bid to acquire the bank in an emergency government-led intervention Monday, reigniting concerns over the stability of lenders and the nation's overall economic health.
“The nervous trade continues,” said Dennis Kissler, senior vice president of trading at BOK Financial Securities, on crude paring losses with rising SPX. “While the overall economic picture is looking a bit weaker, the true fundamentals for crude remain positive.”
Hedge funds and money managers have turned deeply bearish on crude after prices swung sharply in April — surging to a 15-month high after OPEC and its allies announced an output cut, before giving up those gains amid a deteriorating outlook.
With China on holiday through Wednesday, the focus will turn to whether major central banks including the Federal Reserve continue tightening rates.
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