Oil edged lower on concern that stimulus to revive China’s flagging economic recovery may fall short of expectations.
West Texas Intermediate for August fell from Friday and was trading near $71 a barrel. There was no settlement on Monday in the US due to a holiday. Global benchmark Brent dipped again after losing 0.7% in the week’s opening session.
While China reduced policy rates on Tuesday, it’s gradual roll-out of broader measures for its ailing economy is fueling a debate among traders over how far authorities will go to aid growth. The nation is the top crude importer.
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