Oil prices slid on Tuesday from their highest levels in a month after Chinese economic data dampened market sentiment and the head of the International Monetary Fund warned of a tougher 2023.
Brent crude futures had fallen by 25 cents, or 0.29%, to $85.66 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was at $80.06 a barrel, down 20 cents, or 0.25%., the world's largest crude importer and second-largest oil consumer, weighed on prices. The Caixin/Markit manufacturing purchasing managers' index fell to 49.0 in December from 49.4 in November. The index has stayed below the 50-point mark that separates growth from contraction for five straight months.
This followed news of a larger-than-expected increase in the first batch of oil product export quotas for 2023 released by China's government. A handful traders attributed that to expectations of poor domestic demand as the country continued to battle COVID-19 waves. Commodities saw a substantial $12.3 billion bullish flow in the week that ended on Dec. 27, the single largest weekly bullish flow in 2022, Societe Generale analysts said in a Jan. 3 note.
Russian crude has been diverted to India and China from Europe. Traders said Moscow planned to increase diesel exports from the Baltic sea port of Primorsk to 1.81 million tonnes in January, but exports from Tuapse were expected to fall to 1.333 million tonnes.
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