Oil prices have fallen for two consecutive days, with Brent crude trading close to $74 a barrel and West Texas Intermediate hovering around $70. The decline is due to a weak economic outlook in China, the world's largest oil importer, which is affecting market sentiment.
Recent data shows that consumer inflation in China was slow in October, and factory-gate prices have also decreased. The Chinese government's debt-swap plan, which aimed to stimulate the economy, did not meet expectations for more aggressive stimulus measures, disappointing investors.