Oil prices hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand outlook.

Oil futures settled lower on Monday, as the Trump administration’s ongoing tariff threats and their potential economic impact, along with concerns over the potential for a slowdown in AI-related power demand,

Oil prices ticked up but hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand outlook. Brent crude oil futures rose by 42 cents,

Oil futures traded modestly lower on Monday after President Donald Trump paused steep retaliatory tariffs that he had threatened against Colombia, a key source of U.S. crude imports.