Oil settled lower as investors digest Chinese trade data.

International benchmarks for crude oil fell below the $90/barrel mark on Thursday, 7 September 2023, ending the two-week rally after trade data showed Chinese overall exports fell 8.8% in August while imports contracted 7.3%. Investors became concerned over the demand outlook in the world’s largest oil importer. Adding to the downward pressure is the strengthening US dollar and rising outputs from Iran and Venezuela.

Brent loses 68 cents – the first drop in seven trading days to close at $89.92/barrel.

WTI fell 67 cents – the first drop in nine trading days, finishing at $86.67/barrel.