Brent crude futures fell 60 cents to $73.89 a barrel by 1043 GMT, while U.S. West Texas Intermediate crude dropped by 70 cents to $70.59
Oil futures dropped from their highest levels in weeks on Monday, pressured by weaker than expected consumer spending in China, the world’s largest oil importer.
Chinese industrial output growth quickened slightly in November, but retail sales were weaker than expected, keeping pressure on Beijing to ramp up stimulus for a fragile economy facing U.S. trade tariffs under a second Trump administration. “Whatever stimulus is being deployed, consumers are not buying into it; and without a serious sea-change in personal spending behaviour, China’s economic fortunes will be stunted,” said John Evans at oil broker PVM.
He also noted that many banks and funds are likely to have closed their books given reduced appetite for positions during the holiday season.
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