Oil slips as weak China exports highlight trade war impact

NEW YORK (Reuters) – 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 LCOc1 were down 15 cents, or 0.25%, at $64.24 per barrel by 12:29 p.m. EDT (1629 GMT), after gaining about 3% last week on news that OPEC and its allies would deepen output cuts. West Texas Intermediate oil futures CLc1 were down 13 cents, or 0.24% to $59.07 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. Monday’s sudden chill came after customs data released on Sunday showed exports from China in November fell 1.1% from a year earlier, confounding expectations for a 1% rise in a Reuters poll. “That China trade data is a factor, certainly,” said John Kilduff, a partner at Again Capital. Washington and Beijing have been trying to agree a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months. “We’re coming up to a bit… continue reading

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