WASHINGTON (dpa-AFX) - Oil prices fell nearly 2 percent on Monday to extend losses from the previous session, as a shock contraction in Chinese exports and imports following a weak November raised fresh concerns about global growth and a potential slowdown in fuel demand.
Global benchmark Brent crude fell 1.8 percent to $59.39 a barrel, while U.S. crude futures were down more than 2 percent at $50.52 a barrel.
China's exports unexpectedly fell 4.4 percent from a year earlier in the month - the biggest monthly drop in two years, while imports also fell 7.6 percent, marking the biggest decline since July 2016.
As trade tensions rise with the United States, China is seeing its economy slow down. However, there is little sign that Chinese oil demand has weakened yet.
Meanwhile, Saudi Energy Minister Khalid al-Falih said at a conference in Abu Dhabi that the oil market was 'on the right track' and there was no need for an extraordinary OPEC meeting before its next planned gathering in April.
Copyright RTT News/dpa-AFX