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☆ Oil prices slide on concerns over China's demand
▼ + stars: | 2022-11-29 | by ( Yuka Obayashi | Jack Graham | ) www.reuters.com time to read: +2 min

Summary Investors also eye on next OPEC+ output meeting on Dec. 4EU fails to agree on Russian oil price cap, say diplomatsTOKYO, Nov 29 (Reuters) - Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. "Bearish moods toward oil prices are spreading in Asia due to concerns about a decline in China's demand while the rare protests over the weekend also raised fears over the impact on Chinese economy," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output. Markets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.

"The softer inflation data took some wind out of the dollar's sails," said Joe Manimbo, senior market analyst at Convera in Washington. "The dollar is steadier because we're having this residual, geopolitical skittishness as well as signs of a fairly sturdy U.S. economic backbone in the forms of U.S. retail sales." Retail sales rose 1.3% in October, more than the 1.0% increase that economists polled by Reuters had forecast. The dollar briefly pared losses on release of the retail sales data, but later fell against the euro to trade little changed against major currencies. Yields fell further on the market's benign inflation outlook.

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