FX.co ★ Oil Prices Decline On China Demand Concerns

Oil prices declined on Tuesday, after rising sharply in the previous session on prospects of lower supplies in Canada, and several other parts of the globe.

Benchmark Brent crude futures fell 0.7 percent to $74.69 a barrel, while WTI crude futures were down 0.7 percent at $70.61.

Growth concerns returned to the fore after China's industrial production and retail sales both missed expectations.

Industrial production posted an annual growth of 5.6 percent in April, faster than the 3.9 percent increase in March but weaker than economists' forecast of 10.9 percent.

Retail sales growth accelerated sharply to 18.4 percent in April from 10.6 percent in March but sill missed expectations for a 21.0 percent increase.

The downside in oil prices was capped to some extent by a weaker dollar, wildfires in Canada and U.S. plans to refill its heavily depleted strategic reserves.

The U.S. Department of Energy said on Monday it would buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August and asked that offers be submitted by May 31.