(Bloomberg) -- Oil fell for a second day after Chinese economic data stoked concerns about demand and equity markets slipped.

West Texas Intermediate dropped almost 1% to settle near $70 a barrel, while Brent slid to around $73. Equities retreated in most regions, adding to the pressure on crude from weak Chinese refining and retail sales numbers on Monday.

Traders are also awaiting Wednesday’s interest rate decision and monetary policy forecast from the Federal Reserve.

Crude has fallen about 14% in the second half of this year on concerns about the outlook for 2025. Still, since the middle of October, futures have been trading in a narrow range, pushing oil’s 30-day historical volatility near the lowest since August. Pessimism over China dragged prices away from the upper end of the price band.

“Bearish momentum spawned by the China data destroyed any hopes speculators had of breaking out of the two-month range to the upside,” said Robert Yawger, director of the energy futures division at Mizuho Securities USA. “This does not bode well for the future, with the holidays looming large on the horizon,” which will stilt implied volatility, he added.

European nations are set to clamp down on tankers moving Russian crude, after the US signaled it may lower a price cap on the producer’s oil to limit access to funds for the war in Ukraine. Israeli officials say a cease-fire in Gaza is a more realistic prospect than at any time in the past year, in another headwind to crude. Meanwhile, US President-elect Donald Trump is poised to order changes meant to encourage domestic oil development immediately after his Jan. 20 inauguration.

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--With assistance from Alex Longley and Julia Fanzeres.