ENERGY

Oil prices fall on weak Chinese export data

OPEC's revised deal is expected to remove another 500,000 barrels a day from oil markets. (File photo: Reuters)

Oil prices dropped nearly 1 percent on Monday after Chinese official data showed a bigger-than-expected fall in the country’s exports in November.

Brent crude was down 0.7 percent at $63.93 a barrel, while US crude prices fell 0.8 percent to $58.71 a barrel.

On Friday, the Organization of Petroleum Exporting Countries and allied oil exporters took financial markets by surprise with a deeper-than-expected cut in oil supply, triggering a jump in prices.

The new squeeze on exports is expected to remove another 500,000 barrels a day from world markets from next month.

Chinese export numbers have “taken the edge off” markets in Asia, Jeffrey Halley from Singapore-based forex trader Oanda Group said.

“Oil’s downside in the near term is probably limited, but to continue strongly higher, we probably need some good news on the trade negotiations to appear,” he added.

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Last Update: Monday, 9 December 2019 KSA 12:43 - GMT 09:43
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