Oil prices fall 2% as China stokes demand worries | Financial Times

Oil prices fall 2% as China stokes demand worries | Financial Times:

Oil prices extended their declines on Monday as weak economic data out of China stoked worries that a slowdown could drag on fuel demand.

China’s exports and imports fell in December, a fresh sign of troubles for the world’s second-largest economy. Exports declined 4.4 per cent, the steepest drop in two years and confounding economists who expected a 2.5 per cent increase.

Brent crude, the international benchmark, tumbled 2.5 per cent to $58.99 a barrel. West Texas Intermediate settled 2.1 per cent lower at $50.51 a barrel.