Oil under pressure on disappointing China spending data, profittaking
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BEIJINGSINGAPORE, Dec 17 Reuters Oil prices nudged lower on Tuesday as China39;s economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve39;s interest rate decision.

U.S. West Texas Intermediate crude was down 11 cents at 70.60 a barrel at 0802 GMT, while Brent crude futures eased 2 cents to 73.89 a barrel.

Prices were weighed on by profittaking after last week39;s 6 rally and a batch of disappointing Chinese economic data yesterday, IG market analyst Tony Sycamore said.

On Monday, prices fell from multiweek highs on unexpected weakness in consumer spending data from China, despite strength in industrial output, and as investors moved into a holding pattern ahead of the Fed39;s meeting.

The Fed will hold its last policy meeting of the year on Tuesday and Wednesday, where it is widely expected to cut interest rates by a quarter of a percentage point.

The meeting will also shed light on how much further officials think they will cut interest rates in 2025 and 2026, and whether the central bank will scale back easing in anticipation of higher inflation under the incoming Trump administration.

A 25 basis point cut has already been priced in by the market, so any surprises from the Fed meeting may move the market, said Anh Pham, a LSEG…