MTECHTIPS;-Oil prices stumble on weak China exports hangover

MTECHTIPS;-Oil prices stumble on weak China exports hangover

MTECHTIPS-Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-U.S. trade war. Brent futures LCOc1 were down 33 cents, or 0.5%, at $64.06 per barrel by 0055 GMT, after gaining about 3% last week, boosted by news that OPEC and allies would deepen output cuts. West Texas Intermediate oil futures CLc1 were down 37 cents, or 0.6% to $58.85 a barrel, having risen about 7% last week on prospects for lower production from 'OPEC+', the Organization of the Petroleum Exporting Countries (OPEC) and associated producers including Russia. Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1% from a year earlier - a sharp reversal from expectations for a 1% increase in a Reuters poll of analysts. weak start to the week came despite data showing China's crude imports jumped a record, revealing just how deep jitters are embedded in the market over the trade U.S.-China trade row that has stymied global growth and oil demand. The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief Asia market strategist at Axi Trader. 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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