1/14, 8:54 AM (Source: TeleTrader)
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Oil down 1%, Brent below $60 pb on weak China data

Oil prices traded in the red on Monday with both benchmarks dropping over 1% as market watchers digested worse-than-expected economic data from China. Investment incentives were lowered after Chinese imports tumbled 7.6% last month in dollar terms on an annual scale, compared to 3% growth from November. Exports came in 4.4% lower than one year ago after growing 5.4%.

Meanwhile, investors were worried about the slowdown in global economic growth while also digesting Friday's Baker Hughes oil rig count data. However, OPEC+ output cut deal continued to provide support for oil prices.

West Texas Intermediate for February delivery lost 1.45%, changing hands for $50.84 per barrel at 8:38 am CET while the international benchmark Brent for settlements in March declined 1.22% to go for $59.73 per barrel, dropping below the $60 per barrel mark at 8:42 am CET.

Breaking the News / VK