Oil fell to near the lowest since September as weak economic data from China compounded a dour outlook for demand.
Brent crude traded near $70 a barrel, while West Texas Intermediate was below $67 after seven weeks of declines. China's consumer inflation dropped by more than expected and was below zero for the first time in 13 months, highlighting persistent deflationary pressures in the world's biggest crude importer.
Crude has been hit by a confluence of bearish factors, including an escalating global trade war, plans by OPEC and its allies to increase production, and talks to end the three-year war in Ukraine. That's spurred speculators to cut net-bullish bets on the global benchmark Brent by the most since July.
US President Donald Trump, meanwhile, deflected concerns that his tariff actions would hurt growth, saying on Fox News on Sunday that the economy faces "a period of transition" while avoiding making calls for a recession. Federal Reserve Chair Jerome Powell on Friday acknowledged a rise in uncertainty for the outlook, but said officials didn't need to rush to cut interest rates.
Elsewhere, Saudi Arabia on Friday cut prices for buyers in Asia, its largest market, for the first time in three months. That comes after OPEC+ last week unexpectedly agreed on adding supply for April, after multiple delays brought on by market weakness.
Brent for May settlement fell 0.7% to $69.89 a barrel at 8:01 a.m. in Singapore.
Futures fell to $69.30 on May 5, their lowest close since Sept. 10
WTI for April delivery declined 0.7% to $66.55 a barrel.
Source: Bloomberg
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