Oil prices hit by concern over Chinese economy and higher supply

 Oil prices hit by concern over Chinese economy and higher supply

A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS/Max Rossi/File Photo

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LONDON, Aug 2 (Reuters) – Oil prices fell on Monday as worries over China’s economy resurfaced after a survey showing growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by higher crude output from OPEC producers.

Brent crude oil futures slid by 79 cents, or 1.06%, to $74.62 a barrel by 0945 GMT, having earlier touched a low of $74.10.

U.S. West Texas Intermediate (WTI) crude futures dropped 88 cents, or 1.2%, to $73.07 after slipping to a session low of $72.77.

“China has been leading economic recovery in Asia and if the pullback deepens, concerns will grow that the global outlook will see a…

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