Oil Prices Slide on Bearish Outlook, Weak Macro Data

VIENNA (DTN) – Oil prices extended their decline Monday (10/20) morning after three consecutive weekly losses as oversupply concerns fanned by new signs of weak demand growth continued to weigh on sentiment.

The NYMEX WTI crude futures contract for November delivery fell $0.39 to $57.15 bbl, and ICE Brent for December delivery slid $0.39 to $60.90 bbl.

November RBOB gasoline futures retreated $0.0095 to $1.8282 gallon, while front-month ULSD futures bucked the trend, advancing $0.0110 to $2.1910 gallon.

The U.S. Dollar Index edged higher by 0.123 points to 98.315 against a basket of foreign currencies.

Oil glut expectations were amplified by lackluster macroeconomic data from China amid already tepid global demand growth. On Sunday, China’s National Bureau of Statistics (NBS) released the third quarter GDP growth rate, showing the country’s economic growth continued to slow. GDP grew at 4.8% year-on-year in the third quarter of 2025, down from 5.2% in Q2 and 5.4% in Q1. Fixed asset investment in September fell 0.5% year-on-year, the first negative reading since August 2020. Only industrial production surprised to the upside, growing 6.5% year-on-year in September, according to NBS data.

High tariffs on U.S. imports of Chinese goods have added to bearish demand growth outlooks for the export-dominant national economy. Trade negotiations between the U.S. and China are set to continue this week. On Friday, U.S. President Donald Trump said he was optimistic about the two sides reaching a deal before the additional 100% tariff on imports from China come into effect on November 1.

U.S. macroeconomic data releases from the federal government, meanwhile, continued to be delayed or put on halt amid the ongoing government shutdown. Only Consumer Price Index data for September are likely to be released this week. The Bureau of Labor Statistics on its website has announced that September CPI data, originally scheduled for release Wednesday (10/15), will be published on Friday October 24.