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 being done to global demand by the trade war between Washington and Beijing.
Brent futures were down 44 cents, or 0.68%, at $63.95 per barrel by 09:35 GMT, after gaining about 3% last week on news that OPEC and its allies would deepen output cuts.
West Texas Intermediate oil futures were down 48 cents, or 0.81% to $58.72 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 the world’s second-biggest economy in November fell 1.1% from a year earlier, confounding expectations for a 1% rise in a Reuters poll.
Source : Reuters