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Oil dropped slightly on weak economic data in US and China.International benchmarks for crude oil dipped slightly on 16 May 2023 as weak economic data in China and the US counterbalanced the expectation of higher global demand as per reports from the IEA. |
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International benchmarks for crude oil dipped slightly on 16 May 2023 as weak economic data in China and the US counterbalanced the expectation of higher global demand as per reports from the IEA.
Brent crude went down 32 cents to conclude at $74.91/barrel while West Texas Intermediate dropped 25 cents, amounting to $70.86/barrel.
An underwhelming retail sales growth and industrial outputs in China suggest that the nation is starting on the backfoot during the second quarter, though an 18.9% year-on-year spike in China’s oil refinery throughput in April helped limit the crude market downfall. In the US, retail sales grew lesser than envisioned in April, alluding to the effects of rising prices and interest rates.
