Oil prices are on the decline this morning, as the economic data out there continues to be very negative for crude oil’s demand prospects. The swing demand center, China, disappointed with a decline in its manufacturing PMI overnight. The ADP employment report also disappointed this morning, adding to the concerns over the US economy, which has seen a series of disappointing economic data measures just this week, including the Dallas Fed Index and the Chicago PMI. After all the global easing that has occurred, it is hard to believe that deflation is a concern, once again.
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