Crude oil remains under pressure of China economic data
June 9th 2015
Despite the decline of the U.S Dollar, the crude oil prices dropped yesterday on increasing supply concerns after China crude oil imports dropped %11 during the month of May. In addition, the disappointing China’s consumer inflation which decreased to 1.2 %, have raised concerns about growing deflationary pressures and raised fears about weak demand from China. However the crude oil prices recovered slightly above $62 per barrel at the beginning of Tuesday trading session, on hopes of more economic stimulus data which could push the prices up.