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Oil Tumbles Amid Concerns Over Trade War, Weak Demand

Oil prices rates slump on Tuesday for the 2nd session in a row, as concerns over slowing demand outweighed optimism after reaching an OPEC agreement to deepen production cuts in early 2020.

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Brent crude futures with delivery in February eased by 0.42 percent, to $63,98 per barrel, while U.S. WTI benchmark lost 0.46 percent, to $58,76 per barrel at 9.25 GMT. 

Meantime, Chinese export data showed a 1.1 percent decline on an annualized basis, while analysts expected 1 percent gain, according to recent report released on Sunday.

Analysts say that while the increase in OPEC production cuts has by now fallen on the back burner it will still support the market in the medium term period.

However, increased oil production by non-OPEC countries threatens to bring to ought efforts to limit the world’s excess supplies.