WTI Crude Oil Closes Lower as Weak China Retail Sales Blunt Demand Hopes
West Texas Intermediate (WTI) crude oil closed down from a three-week high on Monday as weak economic data from China showed the prospects for the economy of the largest oil importer remain dim.
WTI crude oil for January delivery closed down US$0.58 to settle at US$70.71 per barrel, while February Brent crude was last seen down US$0.61 to US$73.88.
Amid data released by China on Monday, November retail sales rose at a 3% from the year-prior month and down from 4.8% in October. Home prices also fell, another sign of weak domestic demand.
Source: MT newswires