Market concerns over a crude oil oversupply intensified, driving international crude oil prices to their lowest close since February 2021 on December 16.

China's weak economic data released on December 15 deepened fears of insufficient global demand to absorb recent supply growth.

West Texas Intermediate (WTI) crude for January delivery decreased by US$1.55 (2.73%), reaching US$55.27 per barrel on the New York Mercantile Exchange. Brent crude for February delivery fell by US$1.64 (2.71%) to US$58.92 per barrel.