Oil Prices Near Two-Week Low as Weak Chinese Data and Sanctions Cloud Outlook
Brent and WTI crude prices remain subdued, driven by China's manufacturing slowdown, U.S. sanctions on Russian oil, and warmer weather reducing heating fuel demand.
- Brent crude futures rose slightly to $77.43 per barrel, while U.S. West Texas Intermediate (WTI) increased to $73.47, both remaining near two-week lows.
- China's unexpected contraction in manufacturing activity has raised concerns about global crude demand, with independent refineries halting operations due to new tariffs and tax policies.
- U.S. sanctions on Russian oil trade are disrupting supply chains, with China's Shandong refineries potentially losing up to 1 million barrels per day of crude supply.
- Warmer-than-expected weather in the U.S. and Europe has reduced demand for heating fuels, following a recent surge caused by extreme cold.
- Broader financial markets are experiencing volatility, partly influenced by the launch of a low-cost AI model by China's DeepSeek and its impact on global tech stocks.
The Globe and Mail 
