FX.co ★ Oil Prices Decline On Weak China Data

Oil prices fell notably on Tuesday, after having gained more than 2 percent in the previous session on the back of better-than-expected U.S. jobs data and signs of supply disruptions in Canada.

Benchmark Brent crude futures fell 0.7 percent to $76.45 a barrel, while WTI crude futures were down 0.8 percent at $72.61.

Oil prices weakened today as fresh data showed China's imports contracted sharply in April and exports grew at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of Covid-19 controls.

Exports registered an annual growth of 8.5 percent in April, the General Administration of Customs reported. Economists had forecast shipments to climb 8.0 percent after a 14.8 percent gain in March.

On the other hand, imports declined 7.9 percent annually, which was much bigger than March's 1.4 percent drop and economists' forecast of 5.0 percent decrease.

Traders also looked ahead to the release of U.S. reports on consumer and producer price inflation on Wednesday and Thursday, respectively for additional clues on the Federal Reserve's monetary policy path.