Oil prices extend losses as weak China data compounds US-China trade deal doubts

SINGAPORE: Oil prices dropped again on Tuesday after falling heavily in the previous session, as weak Chinese economic data for September added to lingering concerns about the feasibility of the US-China trade deal announced by President Trump late last week.

Brent crude futures fell 30 cents, or 0.5 per cent, to $59.067 barrel by 0142 GMT, while US West Texas Intermediate (WTI) crude futures was at $53.38 a barrel, down 21 cents or 0.4 per cent.

“China’s exports and imports shrunk more than expected in September, as ongoing tariffs and a slowdown in global trade undercut demand,” analysts at ANZ bank wrote in a research note.