International crude oil futures closed lower on Tuesday, affected by weak industrial output and retail sales data from China in April, as well as lower-than-expected retail sales growth in the United States. These factors offset the International Energy Agency’s upward revision of its global oil demand forecast for this year, resulting in a downturn in crude oil prices.
Analysts indicate that despite the disappointing industrial data from China, actual market demand or refinery utilization rates may gradually recover. China’s crude oil imports for May are heading towards an increase of 11 million barrels per day, compared to 10.67 million barrels per day in April.
US NYMEX June light crude oil futures fell by $0.25 to $70.86 per barrel. June heating oil decreased by $0.02 to $2.36 per gallon, while June RBOB gasoline increased by $0.01 to $2.48 per gallon. London ICE July Brent crude oil futures declined by $0.32 to $74.91 per barrel.
