Oil settles lower on weak Chinese data

Oil drilling rigs

Oil settled lower on May 16 after weak Chinese economic data and the International Energy Agency’s (IEA) report.

 

International benchmark Brent crude edged down 0.4% to $74.91 a barrel, falling from $75.95 a barrel during the day.

 

West Texas Intermediate (WTI) crude settled 0.4% lower at $70.86 a barrel.

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