Oil below $80 as slow China chimes with OPEC warning | Reuters.
(Reuters) – Oil fell below $80 a barrel for the first time since 2010 on Thursday, as more evidence of a slowdown in China’s resource-hungry economy chimed with OPEC warning of a substantial drop in demand next year.
Data from Beijing showed below-forecast factory output and investment growth hitting a near 13-year low, reinforcing signs that the world’s second-biggest economy will see its weakest growth for almost 24 years this year.
Share markets, however, were not put off, wagering that theChina data could encourage more support measures from the Chinese authorities and the slide in oil could be a boost for growth worldwide.
European shares rose 0.4 percent in opening trading in a small rebound from falls on Wednesday, and Asian and emerging markets shares had also inched higher.
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