Oil prices tumble on demand worries as global stocks mostly rise

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NEW YORK, Aug 4 — Oil prices tumbled on demand worries Wednesday while global equities mostly rose as US-China tensions receded somewhat after House Speaker Nancy Pelosi’s trip...

NEW YORK, Aug 4 — Oil prices tumbled on demand worries Wednesday while global equities mostly rose as US-China tensions receded somewhat after House Speaker Nancy Pelosi’s trip to Taiwan.

But oil prices finished about four percent lower following US energy data that showed unexpectedly weak gasoline demand. A note from Oxford Economics described the ISM data as “encouraging,” but pointed to lingering questions about the direction of the economy.

 

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