LONDON—Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply.
Brent crude futures fell 22 cents, or 0.26 percent, to $85.96 a barrel by 1043 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.2 percent, at $80.30.
Bearish sentiment surrounded a contraction in China’s exports and imports in January and February, including crude imports. The decline came despite a lifting of COVID-19 restrictions, pointing to weakness in foreign demand.
“Given the high inflation in the U.S. and Europe, demand from there should keep weakening, which also dampens processing demand in China,” said Iris Pang, ING’s chief economist for Greater China….