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Oil prices declined
West Texas Intermediate futures for December delivery fell to $45.77 (-0.63%), while Brent crude retreated to $48.57 (-0.47%) after a report by the U.S. Department of Commerce showed that the economic growth of the world's biggest oil consumer slowed.
Now traders are getting ready for data on China's economic activity (world's second-biggest oil consumer). "Clearly China demand is a key question for energy markets at the moment. With the manufacturing PMI due Monday I wouldn't expect anyone getting too carried away," said Michael McCarthy, leading market strategist at CMC Markets.
Meanwhile total sales of refined products in the third quarter at Sinopec, China's biggest refiner, officially known as China Petroleum & Chemical, dropped 3.4% on an annualized basis. This is a weak result compared to a 5.3% rise in the first half of the year.
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