2019.03.2707:24:00UTC+00Oil Subdued On Demand Worries

Oil prices were subdued on Wednesday as investors fretted over the impact of a global economic slowdown on demand.

Benchmark Brent crude eased 0.3 percent to $67.22 per barrel, while U.S. crude futures were down 0.7 percent at $59.50.

China's industrial firms posted their worst slump in profits since late 2011 in the first two months of this year, data showed today, adding to investor fears over economic growth.

Disappointing U.S. housing and consumer confidence data released overnight, Brexit fears and uncertainty over the U.S.-China trade talks resuming in Beijing on Thursday also weighed on markets.

Investors await a series of indicative votes in the British parliament on how to end an impasse on Britain's European Union exit.

Markets were also reacting to ECB President Mario Draghi's comments that the bank's monetary policy stance will remain accommodative in the face of weaker growth outlook for the euro area.

Speaking at the ECB Watchers conference in Frankfurt, Draghi said, "We are now seeing a more persistent deterioration of external demand. But a soft patch does not necessarily foreshadow a serious slump."

The EIA's weekly crude oil stockpiles data will be out later today. On Tuesday, the American Petroleum Institute (API) reported a build in crude oil inventory of 1.93 million barrels for the week ending March 22.