Oil prices drop 1.5%, Brent below $70

Oil drilling rigs

Oil prices declined today, March 10, amid weak Chinese economic data and growing global uncertainty over trade tensions in the US.

Brent crude futures for May delivery fell 1.55%, or $1.08, to close at $69.28 a barrel. WTI crude futures for April delivery lost 1.5%, or $1.01, to $66.03 a barrel.

Official data showed that China's consumer price index fell 0.7% in February on an annual basis, compared to expectations for a 0.5% decline, raising concerns about deflationary pressures and weak demand.

Markets are awaiting the release of monthly reports from OPEC and the International Energy Agency, later this week, to assess the outlook for demand and supply in the oil market.