Oil retreats as US, China growth concerns weigh
SINGAPORE (Reuters) -Oil prices slipped on Monday, weighed down by Moody's downgrade of the U.S. sovereign credit rating and official data that showed a slowdown in the pace of China's industrial output and retail sales. Both contracts rose more than 1% last week after the U.S. and China, the world's two biggest economies and oil consumers, agreed to a 90-day pause on their trade war with sharply lower import tariffs. Moody's downgrade raises questions about the outlook for the U.S. economy, and China's data points to a bumpy road ahead for any economic recovery, said Priyanka Sachdeva, a senior market analyst at Phillip Nova.
