WTI crude oil prices remain under pressure, holding below $70 per barrel, as weak economic data from China reignites fears of sluggish global demand. Fresh indicators from the world’s second-largest economy revealed slower-than-expected industrial production and retail sales, heightening concerns about China’s ability to sustain recovery momentum. This has compounded existing worries over demand resilience in the face of rising interest rates and geopolitical uncertainties.
Market participants have also been wary of the broader implications of China’s slowdown, given its critical role in driving global oil consumption. Coupled with a stronger U.S. dollar, the bearish sentiment has capped any upward price movement for crude. Analysts suggest that unless China unveils more aggressive stimulus measures, oil prices may remain subdued, with the potential to dip further into bearish territory.
