Decline in oil price comes with China’s recent weak trade data
By Gulsen Cagatay
International benchmark Brent crude traded at $59.80 per barrel at 06.46 GMT on Monday while the price of American benchmark West Texas Intermediate (WTI) saw $51.02 per barrel at the same time.
Brent oil ended the week at $61.84 per barrel at 11.57 GMT on Friday while WTI registered at $52.87 a barrel.
Brent oil prices dropped below $60 per barrel on Monday after Chinese data showed weakening imports and exports.
According to the official data, China’s December exports fell by 4.4 percent from a year earlier, the biggest monthly drop in two years.
The oil rig count in the U.S. showed a decline this week, according to data released by oilfield services company Baker Hughes on Friday.
The number of oil rigs in the country decreased by four for the week ending Jan.11, bringing the total count to 873 from 887 the week before, the data revealed.
Despite the decrease in the oil rig count, crude oil prices showed losses of around 1.9 percent in the global market on Friday. Brent crude closed at $60.48 per barrel while WTI finished the day at $51.59 a barrel.