At the start of a fresh trading week, WTI crude oil prices are trading lower following the release of weak trade data from China which reveals a contraction in exports for the fourth consecutive month. At the time of writing, WTI crude oil is trading at around $58.87 per barrel.

WTI crude oil had gained around 7% during the previous week over OPEC’s decision to implement deeper crude production curbs to offset falling demand in global markets. However, crude oil has started this week on a bearish footing after Chinese exports declined 1.1% YoY during November, against economists’ expectations for exports to pick up by 1% instead.

The US-China trade war is back in focus and weighing heavily on crude oil markets after the release of this latest trade data from the world’s second largest economy. On the trade war front, both sides continue to hold discussions but appear nowhere close to confirming the phase one trade deal that was announced back in October.