Crude oil price losses increased after the announcement of slowing economic growth in China - the second largest economy in the world. Investors have returned to pessimism after Bloomberg reported that the United States and China are making little progress on the key issue of intellectual property protection. On the price front, Brent crude fell to $62.67 a barrel, while West Texas crude futures dropped to $54.08 a barrel.
In terms of important economic data, China's gross domestic product grew 1.5 percent in the fourth quarter of 2018, in line with expectations and down from 1.6 percent in the third quarter. On an annualized basis, China's gross domestic product (GDP) grew by 6.4 percent - as expected, down from 6.5 percent in the previous three months amid pressure from declining domestic demand and the continuation of the US-China trade war.
China's growing vulnerability has raised concern over the risks to the global economy, but at the same time has bolstered expectations for further fiscal stimulus in the future.