empty
 
 

2018.12.1006:00:00UTC+00Oil Prices Fall As Weak China Data Fuels Demand Worries

Oil prices fell on Monday after surging Friday on news that OPEC and non-OPEC members had reached an agreement to cut crude production by 1.2 million barrels per day from January.

Global benchmark Brent crude fell 1.35 percent to $60.84 per barrel while U.S. West Texas Intermediate (WTI) crude futures were down 1.8 percent at $51.66 per barrel.

Investors remained concerned about a bleak economic outlook after China, the world's biggest oil reporter, reported far weaker than expected exports and imports for November over the weekend.

China's exports rose 5.4 percent from a year earlier in November, customs data showed on Saturday, marking the weakest performance since a 3 percent contraction in March. Import growth stood at 3 percent, the slowest since October 2016.

Separately, China's consumer inflation and producer price inflation eased in November and the Japanese economy contracted the most in over four years in the third quarter, adding to investor concerns over slowing global growth.

Uncertainty over future demand is also being fueled by renewed concerns over China-U.S. trade tensions.

White House trade adviser Peter Navarro said the Trump administration would raise tariff rates on China if the two countries fail to resolve their issues during the 90-day truce period.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback