From the Floor: Oil bashed by twin glut forecasts

Another outburst of Chinese wobbles – this time inspired by unexpectedly poor import data – sparked a risk-off sentiment shift across Asia overnight that sent regional bourses sharply lower, battered commodity currencies and reignited interest in safe-haven assets such as bonds. Crude oil, too, saw its recovery rally fade away because in addition to Chinese data, Opec's latest monthly report showed output hitting its highest level in over three years.

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