Oil gave up its gains after the world’s biggest crude exporter said it’s keeping up investments in energy projects and diesel consumption in China dropped for a fourth consecutive month, signaling an industrial slowdown.
Futures dropped as much as 4.1 percent in New York. Saudi Arabian Oil Co., also known as Saudi Aramco, hasn’t reduced its investment capacity amid lower crude prices, Chairman Khalid Al-Falih said Monday. Diesel use in China dropped 5.6 percent in December compared with a year earlier and gasoline consumption grew at the slowest pace in more than two years.
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