Oil Prices React to Demand Fears and Inventory Data.

WTI crude futures dropped to just above $70 per barrel as renewed fears of immediate lackluster global demand pervaded the oil markets. China's weak economy spells trouble for global crude demand, while the European Union has seen two consecutive quarters of economic contraction. OPEC+’s production quota cuts are a testament to the group’s likely outlook on crude oil demand, mainly crude oil demand from China. Meanwhile, U.S. crude oil production has rallied over the last two weeks to 12.4 million bpd.