Oil slips as weak China exports highlight trade war impact

Oil prices fell on Monday after data showed Chinese exports declined for a fourth straight month, sending jitters through a market already concerned about damage to global demand by the trade war between Washington and Beijing.

Brent futures settled down 14 cents, or 0.22 per cent, at $64.25 per barrel, after gaining about 3 per cent last week on news that Organisation of the Petroleum Exporting Countries (OPEC) and its allies would deepen output cuts.

West Texas Intermediate (WTI) oil futures were down 17 cents, or 0.24 per cent, at $59.02 a barrel, having risen about 7 per cent last week on the prospects for lower production from OPEC+, which is made up of the OPEC and associated producers including Russia.