Consumption of the energy commodity in China is projected to decline in response to reports indicating reduced manufacturing expansion. The Asian nation trails only the U.S. as the globe's largest consumer of the energy commodity.
"The Chinese economy is not growing as fast as people had expected, so some of the stocks that would have been accumulated in the start of the year will probably be weighing on the market," commodities research head Nic Brown with Natixis Commodity Markets told the news source. "If you get something of a weakening in Chinese demand, which I think is entirely reasonable in the months ahead, that would take some of the pressure off the oil market."
At 8:33 a.m. on Tuesday, crude oil futures fell 0.29 percent, a 35 cent drop to $119.12 per barrel.
Dow Jones Newswires reports analysts were eyeing employment figures to be released later this week by the U.S., indicating the metric will demonstrate the health of the host of the globe's largest economy and biggest consumer of oil.
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