Oil prices fell more than 1% on Monday, dropping for a third session after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world’s no.2 economy. Brent crude was down 90 cents, or 1.3%, at $69.69 a barrel by 0649 GMT. U.S. oil fell by 97 cents, or 1.4%, to $67.47 a barrel. Factory output and retail sales growth slowed sharply in July in China, data showed, missing expectations as fresh outbreaks of COVID-19 and flooding disrupted business activity. read more “Oil futures weakness … is likely triggered by weaker-than-expected growth data from China, which is a major consumer of oil,” said Kelvin Wong, market analyst at CMC Markets in Singapore. “All in all, the global peak growth narrative has been intensified.” China’s crude oil processing last month also fell to […]