Oil prices edged lower in Asian trade on Wednesday, retaining steep declines from the prior session as markets awaited a vote on the U.S. debt ceiling, while disappointing economic data from China brewed more concerns over sluggish demand. China’s manufacturing sector shrank for a second straight month in May, while growth in overall business activity also contracted as a post-COVID economic rebound in the country ran out of steam. The readings pushed up concerns over slowing oil demand in the world’s largest crude importer, and raised questions over whether a rebound in the country will drive oil demand to record ... (full story)