Oil futures edged lower Monday as data from China showed a sharp drop in overall imports, feeding concerns about slowing energy demand from the world’s second-largest oil consumer.
December West Texas Intermediate crude, -0.79% fell by 29 cents, or 0.7%, to $44 a barrel on the New York Mercantile Exchange. December Brent crude, -0.44% on London’s ICE Futures exchange slipped by 2 cents to $47.40 a barrel.
WTI crude prices could dip to $41 to $42 on this combination of concerns over global demand growth and a stronger dollar, and Brent would enjoy not more than a $4 premium in this environment, Hastings said. “The bear market continues to evolve in crude oil.”
On Sunday, China’s General Administration of Customs said China’s crude imports in October dropped 5.7% from a month earlier, but rose 9.4% from a year earlier.
Source : Marketwatch