Oil Prices Fall 1% on Weak China Trade Data
Oil prices fell 1% on Monday in Asia after China reported weakening imports and exports in the world’s second-largest crude oil consumer.
“Crude futures were back in the red as trading began for a fresh week in Asia, in tandem with most of the region’s stock markets … (as) China early Monday reported $351.76 billion trade surplus in dollar terms for 2018, the lowest since 2013,” said energy consultant Vandana Hari of Vanda Insights in a note on Monday.
Oil Futures recorded their biggest weekly gain in six months last week thanks to data showing output declines among major oil producers and a weekly fall in U.S. crude inventories. Optimism surrounding a possible resolution to the U.S.-China trade dispute also contributed to gains.
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