Oil Slips, OPEC Agrees To Deepen Cuts – 9 December, 2019

Ongoing trade tensions between the U.S. and China have affected oil prices yet again when data for Chinese exports showed a steady four month decline, leaving markets worried about global demand. International Brent crude futures fell 14 cents to $64.25 per barrel, down 0.22%, having gained 3% following the OPEC meeting where further cuts were discussed. West Texas iNtermediate oil futures were down 0.24% or 17 cents to $59.02 per barrel, having gained 7% the previous week. A poll where oil prices were expected to rise 1% for the year showed that prices actually dropped 1.1% instead, largely affected by Chinese export data. OPEC agreed to extend their cuts from 1.2 million barrels per day to 1.7 million barrels per day in hopes to curb production.