Oil demand in China, a leading global economy, contracted for the third straight month in part because of economic slowdown, data analysis found. Analysts with the World Bank downgraded the forecast for global economic growth for the year from 2.9 percent to 2.4 percent. India’s economy grows by 7.6 percent, while Brazil and Russia sink deeper into recession. For China, the World Bank said the economy expands this year by 6.7 percent, compared with 6.9 percent last year. “In an environment of anemic growth, the global economy faces mounting risks, including a further slowdown in major emerging markets,” the World Bank said. A downturn in the Chinese economy impacted global demand for oil and petroleum products, contributing to the surplus on the […]