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Oil retreats with doubts over China eating away at weekly gain

Oil retreated from the highest level in more than two months as doubts over the strength of China’s economic recovery and rising tensions between Washington and Beijing ate away at its weekly advance.

Futures in New York fell around 6% below $32 a barrel on Friday, but are still headed for a fourth consecutive weekly gain. Beijing said it wouldn’t set a gross domestic product target this year due to “great uncertainty” over the coronavirus, although it did announce some new stimulus spending. Oil product demand in Asia’s largest economy will drop by 5% this year, according to a forecast by China’s National Petroleum Corp.

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