Underwhelming export data released by the globe's second largest consumer prompted Brent and West Texas Intermediate crude oil futures to lose value on Monday, marking the first trading session of losses on three days for the energy commodity, according to Bloomberg.
International exports from China fell by more than 18 percent last month as compared with the same period last year, according to the General Administration of Customs. That represents the sharpest losses since August 2009.
"Today's stats have undermined the prices of commodities dependent on Chinese demand," senior broker Christopher Bellew with Jefferies Bache Ltd. in London told the news source on Monday. "Still, the statistics that come from emerging markets tend to be a bit bumpy, with quite big swings, and the picture is still for higher growth than in mature economies."
At 9:38 a.m. on Monday, WTI crude oil futures fell 1.54 percent, a $1.58 loss to $101 per barrel. At 9:39 a.m., Brent crude oil futures slumped 1.07 percent, a $1.17 dip to $107.83 per barrel.
The Wall Street Journal reports the Chinese losses represent a sizable concern about prospects for demand of the energy commodity.
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