Oil prices dropped midweek over uncertain demand and supply outlook in the global commodity market.
International benchmark Brent crude traded at $83.56 per barrel dropped by 0.2% from the closing price of $83.73 per barrel in the previous trading session.
Brent had crossed $87 per barrel earlier last week before price retreated over the weekend. The American benchmark West Texas Intermediate (WTI) traded at $79.60 per barrel at the same time, a 0.1% fall from the previous session that closed at $79.71 per barrel.
China’s weak economic data suggest that demand could be low.
However, there is expectation that demand in the United States would rise following strong economic data.
On the downside, geopolitical tension could drag crude oil supply amidst steep global energy costs.
“Meanwhile, retail sales in China, the world’s largest oil exporter, increased by 2%, the slowest increase recorded since December 2022.”
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