Oil slips as weak China exports highlight trade war impact
By Trend
Oil prices fell on Monday after data showed Chinese exports declined for a fourth straight month, sending jitters through a market already concerned about damage to global demand by the trade war between Washington and Beijing, Trend reports citing Reuters.
Brent futures LCOc1 settled down 14 cents, or 0.22%, at $64.25 per barrel, after gaining about 3% last week on news that OPEC and its allies would deepen output cuts.
West Texas Intermediate oil futures CLc1 were down 17 cents, or 0.24%, at $59.02 a barrel, having risen about 7% last week on the prospects for lower production from OPEC+, which is made up of the Organization of the Petroleum Exporting Countries and associated producers including Russia.
Monday’s sudden chill came after customs data released on Sunday showed exports from China in November fell 1.1% from a year earlier, confounding expectations for a 1% rise in a Reuters poll.
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