China’s Economic Data Might Drag Oil Prices

On December 14, China reported the November industrial output growth at 5.4% on a year-over-year basis—the lowest growth since early 2016. The industrial output growth was below the expectation. China’s retail sales growth rate was also at a multiyear low. China was the second-largest oil consumer in the world. Any slowdown in China’s economy would be a negative development for crude oil prices. At 7:43 AM EST, US crude oil prices have lost $0.34 from the last closing level.