WASHINGTON (dpa-AFX) - Oil held an overnight decline on Tuesday after economic readings from China showing falling refining activity and weak retail sales reinforced concerns about slowing demand in the world's top crude importer.
China's top leaders have signaled stronger stimulus to help fill a hole in consumer demand in recent days but gave no details. Analysts say that Beijing will have to take radical action to stem deflation.
Benchmark Brent crude futures were down half a percent at $73.57 a barrel in European trade, while WTI crude futures fell 1.2 percent to $69.89.
Investors also remain worried about a global glut after predictions that the global oil market will return to surplus in 2025.
The International Energy Agency (IEA) predicted a significant global oil surplus in 2025, despite OPEC+'s efforts to curb production.
Meanwhile, the U.S. Federal Reserve is scheduled to announce its monetary policy on Wednesday, and a 25-bps rate cut is already priced in by markets.
The updated policy statement and Fed Chair Jerome Powell's press conference may offer additional clues regarding future interest rates under the Trump administration.
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