Global oil prices dipped on Tuesday but continued to trade in a tight range with the OPEC-led output cuts offset by increasing crude production from the United States. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as the biggest laggards - the United Arab Emirates and Iraq - pledge to catch up quickly with their targets. click Read More below for additional detail
Crude-oil futures on Monday were on pace to decline firmly, as global equity markets pulled back on further signs of weakness in the world’s second-largest economy, China.
Data showed weak China imports and exports for December, which underpinned worries of a slowdown in the global growth engine—a potential negative for oil demand.
Moreover, China’s trade surplus with the U.S. soared to a fresh record of $323.32 billion in 2018, amid Washington’s trade spate with Beijing.
more at source: https://www.marketwatch.com/story/us-oil-slips-set-for-back-to-back-decline-amid-signs-of-fresh-china-weakness-2019-01-14