Oil prices fell on Monday after data showing China's overall exports of goo...
TOKYO - Oil prices fell on Monday after data showing China’s overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-U.S. trade war.
West Texas Intermediate oil futures CLc1 were down 28 cents, or 0.47% to $58.92 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. The sagging export data is “a casualty again of the protracted trade war,” said Stephen Innes chief Asia market strategist at AxiTrader.
The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal.
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