Oil falls after weak Chinese economic data

Oil drilling rigs

Oil prices edged lower today, March 10, after weak Chinese economic data weighed on demand for crude, and investors continued to monitor the developing trade tensions.

Brent crude was trading down 0.51% at $70 a barrel, at 9:18 am Makkah time. West Texas Intermediate (WTI) crude fell 0.58% to $66.65 a barrel.

Official data showed that China's consumer price index fell by 0.7% in February on an annual basis, while it was expected to decline by only 0.5%. The producer price index fell by 2.2%.

This brought inflation in China, the world's largest importer of crude, below zero for the first time in 13 months, highlighting persistent deflationary pressures.

After the tariffs he imposed, US President Donald Trump told Fox News that the economy was facing a transition period, but he refused to rule out the possibility that the US economy could shrink this year and enter a recession.