US benchmark West Texas Intermediate (WTI) crude oil prices were trading around $69.70 on Wednesday (12/18). WTI prices moved lower amid fresh concerns about Chinese demand. Investors remained cautious ahead of the US Federal Reserve's interest rate decision on Wednesday.
Disappointing Chinese Retail Sales raised concerns about weakening consumer spending in China, the world's largest oil importer. "The bearish momentum generated by the Chinese data has crushed speculators' hopes of breaking out of the upper two-month range," said Robert Yawger, director of energy futures at Mizuho Securities USA.
Oil traders await the Fed's final policy meeting of the year on Wednesday. Markets have priced in a 25 basis point (bps) rate cut, but attention will be focused on the Fed's forward guidance on interest rate policy for 2025 and 2026. Any signs of a less aggressive easing cycle by the Fed could boost the greenback and drag USD-denominated commodity prices lower.
A drawdown in US crude oil inventories last week could help limit WTI losses. The weekly report by the American Petroleum Institute (API) showed that US crude inventories for the week ended December 13 fell by 4.7 million barrels, compared with a build of 499,000 barrels in the previous week. Market consensus had forecast a decline of 1.85 million barrels.
Source: FXStreet
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