Oil prices recorded a decline due to fears of weak demand

0
42
Oil prices recorded a decline due to fears of weak demand

Today, Tuesday, oil prices fell and gave up most of the gains from the previous day. This was due to worries about weak demand in China. Investors are now waiting for the trade data to be released later today, which will help them measure the demand from the world’s second-largest oil consumer.

At 0127 GMT, Brent crude futures dropped 0.3% to $84.95 per barrel, while US West Texas Intermediate crude fell 0.3% to $80.59 per barrel.

Toshitaka Tazawa, an analyst at Fujitomi Securities, stated that the previous day’s announcement of production cuts extension by Saudi Arabia and Russia boosted oil prices. However, investor attention has shifted towards demand, especially in China. He also mentioned that all eyes are on the data that will be released from Beijing this week.

China is set to release import and export data on Tuesday, along with key consumer price figures on Thursday.