Oil prices extended their declines on Monday as weak economic data out of China stoked worries that a slowdown could drag on fuel demand. China’s exports and imports fell in December, a fresh sign of troubles for the world’s second-largest economy. Exports declined 4.4 percent, the steepest drop in two years and confounding economists who expected a 2.5 percent increase.
Brent crude, the international benchmark, tumbled 2.5 percent to $58.99 a barrel. West Texas Intermediate settled 2.1 percent lower at $50.51 a barrel. Oil fell sharply in late 2018, driven by fears of a global oversupply and weaker demand.
After hitting four-month highs in October, prices tumbled more than 20 percent in less than one month. The market has rebounded in recent weeks amid signs of supply cuts by Opec, though Brent remains well below its peak of nearly $87 a barrel.