FXStreet (Mumbai) - Both crude benchmarks trade with size-able losses in the European session, stalling the downward spiral for now as markets digest the dismal China macro release. Oil trims losses amid easing risk-off moods Currently, WTI drops 1.30% to 29.96, while the Brent oil falls -1.05% to 30.99, both moving-off lows. Oil prices came under renewed selling pressure over the last hours after weak Chinese freight data re-ignited concerns over the health of the world’s second largest oil consumer, China. Data showed China's annual rail freight volume, a key economic indicator, fell 11.9 percent in 2015, versus a drop of 3.9 percent in 2014. While omnipresent oversupply worries continue to remain the underlying factor behind the ongoing oil rout. The reports of increasing supplies from Iraq combined with Saudi’s plans to continue investments in oil and gas production capacity continues to worsen the oil market sentiment and weighs heavily on the prices. Markets are closely awaiting the Fed decision due tomorrow for fresh cues on the USD, which may have major impact on the dollar-denominated black gold. For more information, read our latest forex news.