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Oil Falls as Investors Focus on Growth Gloom

For the first time in a week, oil fell due to the slowing global economy that took more prominence over geopolitical tensions. With this happening, investors are waiting for clues on the Federal Reserve’s rate-cut path.

Despite Futures in New York losing 0.3%, it declined as much as 0.6% on Monday. The Fed Chairman, Jerome Powell is scheduled to testify to Congress on Wednesday & Thursday.

The chances of resolving this trade dispute between the US and China appear low for this term. Investors are anxiously hoping that monetary stimulus will be granted to revive consumption.

Source: RigZone

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