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 United States (US)-China trade war.
Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3per cent last week on the news that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies would deepen output cuts.
West Texas Intermediate (WTI) oil futures were down 28 cents, or 0.47 per cent to $58.92 a barrel, having risen about 7per cent last week on the prospects for lower production from ‘OPEC+’, which is made up of the OPEC and associated producers including Russia.
