Oil prices fell more than 4% on Tuesday after China’s exports dropped for a sixth straight month, underscoring a slowdown in global demand.
West Texas Intermediate settled 4.3% lower at $77.37 per barrel. Brent crude futures also tanked 4.19% to $81.61 per barrel.
The slide came amid data out of China which showed exports fell 6.4% year over year in October, while imports rose 3%. China is the world’s largest oil consumer.
A month into war, Netanyahu says Israel will have an “overall security” role in Gaza indefinitely
Daily price moves of more than 2% in either direction have become a common occurrence since Hamas’ surprise attack on Israel last month, keeping oil futures volatile but in a downward trend over the past two weeks.
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