Oil prices hold near two-week low as weak China data adds to demand concerns

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Oil prices hold near two-week low as weak China data adds to demand concerns

(Reuters) – Oil prices hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand

This is the hidden content, please

• Sign In
• or
• Sign Up

.

Brent crude oil futures rose by 12 cents, or 0.2%, to $77.20 per barrel by 0220 GMT. U.S. West Texas Intermediate crude futures were up 10 cents, or 0.1%, to $73.27. Brent settled on Monday at its lowest since Jan. 9, while WTI hit its lowest since Jan. 2.

China, the world’s largest importer of crude oil, reported an unexpected contraction in manufacturing activity in January on Monday, adding fresh concerns over global crude demand growth.

“The overnight falls came on the back of weak ******** PMI data yesterday and risk aversion flows following heavy falls in U.S. tech stocks,” said Tony Sycamore, an analyst at IG.

China’s crude oil demand is also expected to be hit by the latest U.S. sanctions on Russian oil trade. FGE analysts see refineries in Shandong losing up to 1 million barrels per day of crude supply in the near-term amid a ban imposed by the Shandong Port Group on U.S.-sanctioned tankers.

“Alternative crude barrels (to Russian supply) are being sought after at the same time, but they come at much higher costs,” the analysts noted.

Several independent refineries in China have halted operations, or plan to do so, for indefinite maintenance periods, sources told Reuters, as new ******** tariff and tax policies plunge plants deeper into losses.

India, the world’s third-largest crude importer, also faces disruptions to Russian oil supply, but refiners there are taking advantage of a wind down ******* in the sanctions to make purchases till March, FGE analysts said.

In the U.S., weather forecasts show warmer-than-normal temperatures through this week, which is weighing on demand for heating fuels after extreme cold sparked a natural gas and diesel rally in prior sessions.

“Temperatures in both regions (U.S. and Europe) are increasing, allowing for heating fuel demand to slide off some,” StoneX oil analyst Alex Hodes said on Monday.

Broader financial markets were under pressure from a surge in interest for a low-cost artificial intelligence model launched by ******** firm DeepSeek.

Shares of *********** companies tied to AI and data centers fell sharply on Tuesday, joining a global stock rout sparked by DeepSeek on Monday while *********** markets were closed.

(Reporting by Shariq Khan in New York; Editing by Christian Schmollinger)

This is the hidden content, please

• Sign In
• or
• Sign Up

#Oil #prices #hold #twoweek #weak #China #data #adds #demand #concerns

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up