Signs of slowing economic growth in China add to ongoing worries about sluggish activity in the US and Europe. Nevertheless, oil prices continue to creep higher. The clearest assumption is that tensions in or close to producing regions must be adding to fears of a potential supply disruption of some sort. Another possibility is that participants have slipped back into the counter-intuitive thought process that holds that sluggish economic performance is a precursor to more stimulus, and thus, increased demand.
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