Crude prices for front-month settlements tumbled on Wednesday after lower-than-expected economic growth in China, one of the world's biggest oil importers, appeared to raise concern about the commodity's demand.
The Organization of the Petroleum Exporting Countries (OPEC) will release its monthly assessment of the oil's global demand and gross domestic product later today, which could set the tone for this year's crude price dynamics.
West Texas Intermediate (WTI) for February contracts dropped 1.26% to $71.36 per barrel at 3:15 am ET. Brent for March deliveries fell 1.12% to $77.25 a barrel.
