WASHINGTON (dpa-AFX) - Oil prices were moving lower on Thursday amid concerns that a second Trump presidency will likely hinder global economic growth due to changes from climate change to foreign policy.
Also, it is feared that Trump's return to the White House could spark another bout of inflation and delay interest rate cuts around the world.
The downside in oil prices remained capped to some extent after official data showed China's exports expanded the most in more than two years in October.
Exports grew 12.7 percent on a yearly basis, following an increase of 2.4 percent in September, customs data revealed. Shipments were forecast to climb only 5.0 percent.
On the other hand, imports dropped 2.3 percent annually after a 0.3 percent rise in the previous month due to weaker domestic demand. Economists had forecast imports to drop 1.5 percent.
Benchmark Brent crude futures dipped 0.4 percent to $74.61 a barrel in European trade, while WTI crude futures were down half a percent at $71.31.
The U.S. dollar remains in the spotlight ahead of the Federal Reserve's interest-rate decision due later in the day.
Fed officials are poised to reduce their key interest rate for a second straight time, but future moves are now uncertain in the aftermath of the election, given that Trump's economic proposals have been widely flagged as potentially inflationary.
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