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Oil prices dropped amid Chinese data
West Texas Intermediate futures for January delivery fell to $42.45 (-1.37%), while Brent crude declined to $45.30 (-0.35%) after disappointing data from China signaled that the world's second-biggest oil consumer was unlikely to boost demand and help defeat the global supply glut.
Chinese industrial profits fell by 4.6% y/y in October marking the fifth consecutive month of declines. These data suggest that China's economy might miss its growth targets.
The recently renewed geopolitical risk did little to support crude. Many analysts believe that these tensions don't threat oil facilities in the Middle East and supplies remain ample.
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