Oil Holds Loss Amid Concerns Over Chinese Demand, Banking Woes

(Bloomberg) — Oil held a loss as concerns over China’s economic outlook and caution in financial markets spurred by a banking crisis dominated sentiment.

West Texas Intermediate held below $76 a barrel after dropping 1.5% on Monday. China’s recovery remains patchy with recent data pointing to a contraction in manufacturing. Still, tourism and travel activity soared on the first day of the country’s five-day Labor Day holiday, possibly signaling increased demand for fuels in the world’s largest crude importer.