New York: Oil prices edged higher on Tuesday, even as fresh data pointed to slowing industrial production and retail sales growth in China, the world’s largest oil importer. Brent crude futures rose 12 cents to $65.66 per barrel, while US West Texas Intermediate (WTI) crude futures gained 16 cents, reaching $62.85 per barrel.
According to Qatar News Agency, the gains were capped by a recent downgrade of the US sovereign credit rating by Moody’s Investors Service, which has dampened economic expectations for the world’s top energy consumer. On Friday, Moody’s lowered the US credit rating by one notch, citing mounting concerns over the country’s growing national debt, which now stands at $36 trillion.
Additional pressure on crude prices came from weaker-than-expected economic data in China, showing a slowdown in both industrial output and retail sales-two key indicators of energy demand in the global market.