WTI Crude Oil Starts the Week on a Weak Note as Chinese Exports Contract in November

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.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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