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Oil Slips Nearly $2 on Weak China data, Fed Plan

Oil slipped nearly $2 on Thursday, its biggest daily slide in close to three weeks, as slowing Chinese manufacturing activity unnerved investors already worried about the U.S. Federal Reserve's plan to roll back its stimulus later this year.Commodities and equities fell across the board after data from China showed factory activity weakening to a nine-month low in June, heightening risks that a second-quarter slowdown in the world's No.2 economy could be sharper than expected.Brent crude dropped $1.57 to $104.55 a barrel by 0651 GMT, while U.S. oil declined $1.70 to $96.54. Both posted their biggest slide in percentage terms since late May."There are a few factors weighing on oil today. The Federal Reserve has confirmed that they are likely to taper down asset purchases," said Lee Chen Hoay, an investment analyst at Phillip Futures. "China's latest PMI data is pointing to a slowdown in demand. As the world's second-largest oil consumer, any slowdown in demand will weigh on prices."Chin...

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