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By
Giulia Petroni, Dow Jones Newswires
Oil prices eased further after a disappointing batch of data from China fueled concerns over demand and as traders awaited the Federal Reserve’s last policy meeting of the year.
Brent crude was down 0.8% at $73.30 a barrel, while WTI fell 1% to $70 a barrel. According to ANZ Research, China’s oil refining slid its lowest since June due to seasonal maintenance, while year-to-date oil demand was down 3.3% to 14 million barrels a day.
Fears of sluggish demand in the top crude importer and prospects of a global supply surplus next year have been putting significant pressure on prices in recent months.
Investors now wait for cues on the U.S. interest rate outlook for next year, as lower rates typically boost demand for oil.
