Oil futures faced a decline as China's economy struggles, raising concerns about fuel demand from the largest crude importer, reversing gains from the prior week.
The steep year-on-year fall of 2.8% in the producer price index marks the fastest decline in six months, intensifying fears of lackluster demand for crude oil.
Recent official data, alongside an inadequate briefing from the Chinese finance ministry, highlights market skepticism regarding effective stimulus measures to restore consumer demand and economic momentum.
Traders' sentiments have shifted bearish concerning global crude prices, as ongoing worries about China's demand potential foreshadow an oversupplied market leading to further price declines.
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