Crude oil prices fell on Tuesday following disappointing international trade data from China, highlighting ongoing concerns about global energy demand.
The Asian trading session saw Brent futures decrease by 0.37% to $71.90 per barrel, while WTI futures slipped 0.45% to $68.06 per barrel. The decline came after Monday’s gains and underscored a persistent weak demand outlook, particularly driven by economic challenges in China.
China’s November trade data revealed a 6.7% increase in exports and a 3.9% decline in imports compared to the same period last year, both figures falling short of economists’ expectations of an 8.7% increase in exports and a 0.9% rise in imports. Additionally, a weaker-than-anticipated consumer price index (CPI) reported by China highlighted sluggish domestic demand.
Despite the dip, crude oil prices had rallied over 1% on Monday after Chinese officials announced plans for more stimulative fiscal and monetary policies aimed at bolstering economic growth in 2025. At a meeting of the CPC Central Committee’s Political Bureau, officials pledged to “implement a more proactive fiscal policy and a moderately loose monetary policy.” This commitment suggested potential economic measures such as an increased fiscal deficit, reduced interest rates, and expanded government borrowing to support economic expansion in the upcoming year.
