Crude oil futures prices fell in trading today due to growing concerns about the demand outlook for the next quarter.
China's consumer price index settled in June last year at the same level as the same month last year, recording its weakest reading, boosting demand after the release of consumer price data in China, indicating that the Chinese economy is close to recession. Since February 2021, Chinese producer prices (wholesale) have continued to fall over the past month, reflecting weak demand from the world's largest oil importer.
U.S. benchmark West Texas Intermediate crude fell $0.87, or 1.2%, to $72.99 a barrel for its next delivery in August. Meanwhile, global benchmark Brent crude fell $0.74, or 1%. The price will be $73.12 per barrel for delivery in August.
