Commodities
Oil Retreats on Weak Outlook for Chinese Demand, Stronger Dollar
- US benchmark WTI settles near $68 a barrel, Brent below $72
- WTI’s prompt spread contracts to narrowest since June
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Oil extended declines as a soft outlook for demand in China, the world’s largest crude importer, continued to plague the market.
West Texas Intermediate retreated 3.3% to settle near $68 a barrel, while Brent settled below $72. Data over the weekend showed anemic Chinese consumer inflation in October and another decline in factory-gate prices. The dollar climbed further, making commodities priced in the currency less appealing.