West Texas Intermediate oil futures were 10 cents, or 0.2 per cent, lower at 58.92 dollars a barrel. The benchmarks fell 0.2 per cent and 0.3 per cent respectively on Monday.
Data released on Sunday showed exports from China in November fell 1.1 per cent from a year earlier, confounding expectations for a 1 per cent rise in a Reuters poll. U.S. President Donald Trump does not want to implement the next round of tariffs, U.S. Agriculture Secretary Sonny Perdue said on Monday – but he wants “movement” from China to avoid them.
Analysts said that, though overshadowed, for now, the move by ‘OPEC+’ – the Organisation of the Petroleum Exporting Countries and associated producers like Russia – to deepen output cuts from 1.2 million barrels per day to 1.7 million bpd would remain a mid-term support factor.“Despite the voluntary restraint from OPEC, world oil markets remain well supplied … with non-OPEC output expected to rise by well over 2 million bpd next year, with big increases in the U.S.
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