Brent crude oil prices open Tuesday’s trading session lower as stock markets in Asia tumble lower after China’s July trade figures showed a big drop in imports.
In London, Brent crude oil futures were trading at $80.40, 07.45 GMT on the ICE Futures Exchange after closing off yesterday around the $81 mark.
The latest set of Chinese import figures drove most Asian stock markets into the red and any weakness in China’s demand for imports could dent its ability to help to drive a global recovery. Stock markets in Taiwan, India, Singapore and Indonesia also fell while benchmarks in the Philippines and Malaysia rose.
Traders said the July China import numbers dealt a blow to investor confidence as soft Chinsese consumption could have negative implications for the global recovery.
Meanwhile, all eyes are on the US Federal Reserve later today which may need to make risky economic decisions to help kick start a weak US economy.
Short term Brent and WTI oil price movements are going to be heavily influenced by the actions, or non-actions of the US Fed this week.