10.12.201806:00:00UTC+00Oil Prices Fall As Weak China Data Fuels Demand Worries

Oil prices fell on Monday after surging Friday on news that OPEC and non-OPEC members had reached an agreement to cut crude production by 1.2 million barrels per day from January.

Global benchmark Brent crude fell 1.35 percent to $60.84 per barrel while U.S. West Texas Intermediate (WTI) crude futures were down 1.8 percent at $51.66 per barrel.

Investors remained concerned about a bleak economic outlook after China, the world's biggest oil reporter, reported far weaker than expected exports and imports for November over the weekend.

China's exports rose 5.4 percent from a year earlier in November, customs data showed on Saturday, marking the weakest performance since a 3 percent contraction in March. Import growth stood at 3 percent, the slowest since October 2016.

Separately, China's consumer inflation and producer price inflation eased in November and the Japanese economy contracted the most in over four years in the third quarter, adding to investor concerns over slowing global growth.

Uncertainty over future demand is also being fueled by renewed concerns over China-U.S. trade tensions.

White House trade adviser Peter Navarro said the Trump administration would raise tariff rates on China if the two countries fail to resolve their issues during the 90-day truce period.