On Monday, there was a fall in the prices of oil after it was shown through data that the exports from China had declined for the fourth month running as this sent jitters in a market which had been concerned already regarding the damage that has happened to the demand globally which has been caused by the ongoing trade war between China and the United States.
In the previous week, WTI had gained close to 7% with the prospect of a lower amount of production from the OPEC+ which has been made up of the OPEC along with their allies which include Russia.
The sudden chill on Monday had come after the release of the customs data on Sunday that had shown that the exports in the month of November from China had fallen by 1.1% from the previous year and had confounded the expectations which had been there in the polls of a rise by 1%.
The trade data from China is a factor certainly say the experts.
The United States and China have been for many weeks trying to come to an agreement on a deal that is going to end a few tariffs, however, these talks have just dragged on for many months.
There are new tariffs that are going to become effective this Sunday which is the 15th of December and hence, experts feel that this week is going to be an intense one as the tariffs additionally may weigh in on the outlook of demand for the crude oil.
The declines on Monday have gone against the signs which came on Friday that China had been easing their stance for the resolution of the trade war as they waived-off a few tariffs on the imports of the US pork and soybeans.
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