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MTECHTIPS;-Oil falls 1 percent on concerns about China slowdown

Monday, January 14, 2019 23:43

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MTECHTIPS;-Oil falls 1 percent on concerns about China slowdown

MTECHTIPS-Oil prices fell about 1 percent on Monday, pressured by data showing weakening imports and exports in China that raised new worries about a global economic slowdown hurting crude demand. Brent crude futures fell 61 cents to $59.87 a barrel by 12:54 p.m. EST (1754 GMT), trading as low as $59.27 intraday. U.S. West Texas Intermediate (WTI) crude futures fell 36 cents to $51.23 a barrel, after sinking to a session low earlier of $50.43. Data out of China spurred fresh concerns about weakness in the global economy. China’s exports fell by the most in two years in December while imports contracted, official figures showed. “Oil prices are getting weighted down by the prospects of weaker economic growth in China,” Stephen Innes of futures brokerage Oanda said in a report. “This data drives home just how negative of an impact trade war is having on the Chinese and perhaps global economy.” Despite concern about the outlook, there is little sign that Chinese oil demand has weakened yet. China’s crude imports in December surged nearly 30 percent from a year earlier, Reuters calculations of customs data showed

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