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Oil prices fall nearly 2% on China data, trade war jitters

“The oil market saw sharp losses as the first steps taken by the U.S. and China were seen with caution,” global oil strategist at BNP Paribas in London Harry Tchilinguirian told the Reuters Global Oil Forum” reports The U.S.-China trade dispute also continued to cast a shadow on the global economy.Oil prices fell further on Tuesday, after heavy losses in the previous session following two days of weak Chinese data and as investors continued to fret over prospects for a U.S.-China trade deal despite signs of a truce last week.Providing some support, OPEC Secretary-General Mohammad Barkindo said on Tuesday the Organization of the Petroleum Exporting Countries and its allies “will do whatever (is) in its power” to sustain oil market stability beyond 2020.A general view of the Novokuibyshev Refinery owned by Rosneft oil company on March 15, 2012 in Novokuibyshevsk, Samara region, Russia.

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