MARKET NEWS
Oil Slips as Lackluster Chinese Data Weakens Outlook for Demand - BLOOMBERG
BY Maggie Eastland and Alex Longley
(Bloomberg) -- Oil slipped as economic data from China reinforced concerns about weakening demand in the world’s biggest crude importer.
West Texas Intermediate fell about 0.4% to trade near $71 a barrel, while Brent edged lower to about $74. China’s crude refining dipped to the lowest in five months in November, while apparent oil demand fell 2.1% year-on-year. Retail sales growth was well below estimates.
The data “demonstrates how easily crude spooks itself lower,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group.
Crude has traded in a roughly $6 range since mid-October, with an OPEC+ decision to extend supply curbs countering the dour outlook from China.
Traders are also uncertain about what a Donald Trump presidency will mean for prices, with possible tariffs threatening to weaken demand while the potentially tighter enforcement of sanctions on Iran may curb supplies.
Providing some support for prices, the European Union sanctioned 52 additional tankers that predominantly ship Russian crude, according to an official list published Monday morning.
