Baghdad: Oil prices hovered near their lowest level in two weeks on Tuesday: after weak economic data from China led to a decline in demand expectations. Brent crude futures rose 12 cents, or 0.2 percent, to $77.20 a barrel, while US West Texas Intermediate (WTI) crude futures increased by 10 cents, or 0.1 percent, to $73.27. This slight rise comes after Brent crude settled at its lowest level since January 9, and WTI crude recorded its lowest level since January 2.

According to National Iraqi News Agency, China, the world’s largest importer of crude oil, announced an unexpected contraction in manufacturing activity in January. This development has added new concerns about global demand growth for crude, influencing oil prices to remain subdued.