%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The price of crude oil continues to slide lower as global demand weakens. West Texas Intermediate (WTI) crude oil, the American standard, is trading at $55.87 U.S. a barrel, down 1.7% in early trading on Dec. 16. Brent crude oil, the international benchmark, is down 1.6% and trading at $59.61 U.S. per barrel. Commodities analysts say oil prices are trending lower due largely to soft Chinese economic data that is fueling concerns that global demand is weakening. China's factory output has hit a 15-month low, official data showed, raising worries about soft demand in the world's largest crude oil importer. At the same time, the prospects for a Russia-Ukraine peace deal have strengthened, raising expectations for a potential easing of sanctions that could see additional oil flood the market. The U.S. has reportedly offered to provide NATO-style security guarantees for Ukraine, increasing hopes that an end to the conflict is drawing near. In China, the surging use of electric vehicles is also impacting global oil consumption, a situation that is expected to accelerate in coming years. Commodities traders and analysts are also assessing the potential impacts of U.S. efforts to seize oil tankers off the coast of Venezuela. It all adds up to an uncertain supply-demand balance that is leading to sinking crude oil prices, which have steadily fallen throughout 2025. The lower prices are proving to be a drag on the stocks of leading oil producers such as Chevron (NYSE: $CVX ) and ExxonMobil (NYSE: $XOM ).