Oil falls on Ukraine peace hopes, weak China economy

• Oil prices fell due to strengthening prospects for a Russia-Ukraine peace deal.
• Weak economic data from China, including slowed factory output and retail sales, also contributed to the oil price drop.
• The US offering NATO-style security guarantees to Ukraine fueled optimism for an end to the conflict.
• Concerns about global demand were heightened by China's cooling economy and its impact on the world's largest oil buyer.
• These bearish factors overshadowed supply concerns from the US seizure of a Venezuelan oil tanker.

Why It Matters: It affects your fuel costs and signals global economic shifts.