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Reuters
Oil drops 1% as economic growth concerns offset OPEC+ cuts
Oil prices dropped by a dollar a barrel on Monday after weak economic data from China and expectations of another U.S. interest rate hike outweighed support from OPEC+ supply cuts that take effect this month. Brent crude fell $1.02, or 1.3%, to settle at $78.45 a barrel, while U.S. West Texas Intermediate (WTI) crude slid $1.12, or 1.5%, to settle at $75.66. China’s manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers’ index.
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