Oil prices dropped close to 2 percent on Friday on a worsening global economic o...
SINGAPORE/LONDON - Oil prices dropped close to 2 percent on Friday on a worsening global economic outlook after the European Central Bank warned of continued weakness and fresh data showed Chinese imports and exports slumped last month.
China’s dollar-denominated February exports fell 21 percent from a year earlier, representing the biggest drop in three years and far worse than analysts had expected, while imports dropped 5.2 percent, official data showed on Friday. Investment bank Jefferies on Friday said that U.S. output growth was largely being fueled by onshore shale production, which had recently benefited from investments by oil majors Exxon Mobil and Chevron.
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