Oil Retreats With Equities as Rally to Bull Market Seen Overdone - Bloomberg:
Oil extended its retreat as disappointing economic data from China helped reignite concerns over economic growth.
Futures lost as much as 2.3 percent in New York on Monday, after falling Friday for the first time since late December. The decline mirrored a slide in equities across the globe as China posted its worst import and export figures since 2016 and the U.S. government shutdown dragged on.
“Oil is watching the other markets and following,”’ said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. “We got this weak Chinese data and everything changed.”
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