Oil declines after weak Chinese data

Monday, 09. December 2019 10:38

Oil traded with losses on Monday amid concerns about the impact of the trade war between the United States and China on global demand following the release of worse-than-expected Chinese exports data. Over the weekend, China's General Administration of Customs said the country's exports declined 1.1% in November while its trade surplus with the US fell from $42.9 billion in October to $38.7 billion last month.

Last week, crude prices surged over 5% after OPEC and other major producers agreed to deepen their production cuts by another 500,000 barrels per day in the first three months of 2020.

International benchmark Brent for settlements in February lost 0.59% to sell for $64 per barrel at 4:25 am ET and West Texas Intermediate (WTI) slid 0.73% to go for $58.81 per barrel at 4:26 am ET.

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Breaking the News / NP