Oil prices drop on soft Chinese spending data
Crude Oil is testing vital support around $70.00, after selling pressure emerged on the back of Chinese Retail Sales data for November which dampened hopes for a speedy recovery in the region.
The 3% growth was far below consensus and the situation is set to deteriorate further as tanker rates on key routes to China are falling to the lowest level this year, pointing to even more sluggish demand ahead.
Source: FXStreet