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China’s trade fell flat on the weakening imports and exports, revealed Chinese data. This led to a steep decline in the crude market weighing down oil prices on Monday. China is the world’s biggest trading nation and second-largest crude oil consumer and thus, its weak market position has affected the global market. Brent slipped by 0.9%, to $59.91 per barrel. WTI went down by 0.9%, to $51.12 a barrel.
