Crude %Oil prices are sliding lower and near $70 U.S. per barrel after Chinese retail sales data for November came in weaker-than-expected.
The 3% retail sales growth in China during November was far below the consensus forecasts of economists and shows continued economic weakness in the world’s largest oil importer.
West Texas Intermediate (WTI) crude oil is currently trading at $70.31 U.S. per barrel while Brent crude oil, the international standard, is at $73.78 U.S.
Rates for transporting crude on the largest vessels from the Middle East to China, a benchmark route, have sunk by a third this year as demand in the top importer slows and OPEC+ delays production increases until the spring.
Recent China crude oil import data suggests a slight pick-up in recent months, although oil storage has also increased in the nation of 1.4 billion people.
Iranian crude exports to China have been disrupted by broader U.S. sanctions on tankers, further squeezing flows to the world’s largest energy market.
Many analysts expect crude oil prices to remain depressed through 2025 on weak demand in China and ongoing conflict in the Middle East.
