WASHINGTON (dpa-AFX) - Oil prices were subdued on Thursday, extending losses from the previous session as new data showed China's consumer inflation slowed further in December, stoking deflation worries.
Benchmark Brent crude futures slid 0.1 percent to $76.07 in European trade while WTI crude futures were down 0.2 percent at $73.19.
Both contracts fell more than 1 percent on Wednesday, pressured by a stronger dollar and data showing a bigger-than-expected rise in fuel stockpiles in the U.S., the world's biggest oil user.
China is facing mounting deflation risks in the face of global trade pressures.
Data showed today that China's consumer inflation rate hit the lowest level in nine months in December and factory deflation extended into a 27th month, testing Beijing's growth strategy.
Meanwhile, Trump's tariff threats and anxiety about potential Fed action also fueled uncertainty and clouded the outlook for global fuel demand.
The minutes of the Federal Reserve's policy meeting held on December 17 and 18 showed concerns about inflation and the impact of U.S. President-elect Donald Trump's policies on immigration and trade.
Earlier this week, Trump stated that he intends to impose significant tariffs on certain goods imported from both Mexico and Canada, estimated to be worth hundreds of billions of dollars.
On Wednesday, CNN reported that Trump was mulling a national economic emergency declaration to provide legal justification for a series of universal tariffs on allies and adversaries.
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