Oil prices fell in Asian trade on Monday as weak inflation data from top importer China kept traders on edge over slowing demand, while uncertainty over the impact of U.S. trade tariffs also weighed.
Crude prices had slumped to more than three-year lows last week amid a storm of negative factors, chiefly concerns over slowing demand and increasing supply. Signs of a cooling U.S. economy also weighed.
Brent oil futures expiring in May fell 0.4% to $70.10 a barrel, while West Texas Intermediate crude futures fell 0.4% to $66.48 a barrel by 22:48 ET (02:48 GMT). Both contracts were trading above lows hit last week, but were nursing several weeks of steep losses.
China inflation data underwhelms, spurs demand fears
Chinese consumer and producer inflation data, released over the weekend, showed a persistent deflationary trend in the world's biggest oil importer.
The data showed that China's economy was still struggling with weak local demand, which in turn bodes poorly for the country's appetite for crude.
The reading also underscored the need for more stimulus measures from Beijing, as the Chinese government moves to support the economy.
Beijing had last week vowed even more fiscal spending this year to shore up growth. But this sparked little cheer in oil markets, as government officials gave few details on the planned measures.
China is also set for economic headwinds from U.S. President Donald Trump's trade tariffs, after he hiked duties on Chinese imports to 20% last week.
Source: Investing.com
