Oil Prices Drop on Weak China Data Despite Supply Cuts
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Oil prices hit 2-1/2 month lows as economic data from China offset impact of supply cuts by Saudi Arabia, Russia.
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China's October crude imports showed growth but total exports contracted more than expected.
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Refinery run reductions in China between November-December could further limit oil demand.
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World shares lost steam as investor enthusiasm about peak rates faded.
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Markets waiting to see if Saudi and Russia will voluntarily cut output beyond 2022.