Chinese data unsettles oil
Brent slips below $60 a barrel after data shows its imports and exports have weakened
Singapore — Oil prices fell by almost 1% on Monday, with Brent crude slipping below $60 a barrel, after Chinese data showed weakening imports and exports in the world’s biggest trading nation and second-largest crude oil consumer. International Brent crude oil futures were at $59.91 a barrel at 4.03am GMT, down 57c, or 0.9% from their last close. US West Texas Intermediate (WTI) crude futures were down 47c, or 0.9%, at $51.12 a barrel. China’s December overall exports fell by 4.4% from a year earlier, the biggest monthly drop in two years, official data showed on Monday, pointing to further weakening in the world’s second-largest economy. Imports last month also contracted, falling 7.6%, the biggest decline since July 2016. “Crude futures were back in the red as trading began for a fresh week in Asia, in tandem with most of the region's stock markets … [as] China early Monday reported $351.76 billion trade surplus in dollar terms for 2018, the lowest since 2013,” said energy consult...
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