(Bloomberg) -- Oil steadied as weak Chinese trade data countered an outlook for bolder stimulus from the world’s biggest crude importer next year.

West Texas Intermediate edged higher above $68 a barrel after gaining 1.7% the previous day. Chinese imports unexpectedly fell almost 4%, the largest contraction since February, in a bad sign for demand. That cooled the fervor over a Politburo vow to embrace a “moderately loose” monetary policy, the body’s most direct language on stimulus in years.    

Additionally, a report from China’s largest energy producer said the country’s oil consumption may peak next year, five years earlier than expected. Rapid adoption of new-energy vehicles and the use of liquefied natural gas to power trucks have eroded diesel and gasoline usage.

The global oil market is widely expected to tip into a surplus next year, which has led OPEC+ to delay the return of idled production. Crude futures have been stuck in a tight range since mid-October, buffeted by competing bearish and bullish factors, including Middle East tensions. WTI’s second-month implied volatility is at the lowest since late July. 

“In lieu of a positive catalyst, crude is likely to trade in its current range with a bias to drift lower,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “Sentiment remains bearish.”

The collapse of Bashar al-Assad’s Syrian regime has left a power vacuum that may lead to more turmoil as factions fight for control, and the market is watching for any spillover into the rest of the Middle East. 

Traders are also focused on Wednesday’s US consumer price index data, the final major reading before the Fed’s policy meeting next week. 

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--With assistance from Alex Longley.

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