U.S. stock prices rose on Thursday, hovering near record highs, while crude fell below $80 a barrel for the first time in four years on further signs of a slowdown in China’s economy.

Brent crude has fallen more than 30 percent since June, and the Organization of the Petroleum Exporting Countries (OPEC) said demand for its members’ oil could drop by about a million barrels per day in 2015 due to the U.S. shale boom.

Data from Beijing showed below-forecast factory output and investment growth hitting a near 13-year low, reinforcing signs that the world’s second-biggest economy would see its weakest growth for almost 24 years this year.

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