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China’s low consumption cuts down oil price   

China’s low consumption cuts down oil price  

SINGAPORE: Oil prices fell on Tuesday as Brent mired near a 5-1/2 year low close to $60 per barrel, as Chinese factory activity slowed and concerns rose over the health of emerging market economies and their currencies.

Oil prices have almost halved since June amid rising output and cooling demand, but producer club OPEC has so far resisted calls to cut production to shore up prices. Data showing activity in China’s factory sector shrank for the first time in seven months.