Crude Sinks With Broader Market on China Crackdown Fears
- Equity declines and U.S. dollar gains are pressuring crude
- Key Shell Gulf oil-output facilities to stay shut through 2021
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Oil declined amid growing concerns over the health of China’s economy that have triggered massive losses in equities.
U.S. crude futures slid 2.3% to settle at the lowest level in more than a week as worries mounted over a possible implosion in the Chinese property sector that could impact the Asian giant’s appetite for crude. A stronger U.S. dollar is also making commodities priced in the currency less attractive.