Sudden chill came after customs data showed exports from the world’s second-biggest economy fell 1.1% in November from a year earlier
Boats float in front of the Vopak oil storage terminal in Johor, Malaysia. Picture: REUTERS/HENNING GLOYSTEIN
West Texas Intermediate oil futures were down 28c, or 0.47% to $58.92 a barrel, having risen about 7% last week on the prospects for lower production from Opec+, which includes associated producers such as Russia. The sagging export data is “a casualty again of the protracted trade war”, said Stephen Innes chief Asia market strategist at AxiTrader.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 as they wrangle over key details.
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