Investing.com - Crude oil futures declined on Monday, after data showed that China's exports rose more than forecast in August while imports fell unexpectedly, underlining concerns over the health of the world's second largest economy.
On the New York Mercantile Exchange, crude oil for delivery in October shed 0.28%, or 27 cents, to trade at $93.03 a barrel during European morning hours.
Prices held in a narrow range between $92.96 and $93.61 a barrel. Futures were likely to find support at $92.68 a barrel, the low from September 2 and resistance at $94.99 a barrel, the high from September 5.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery slumped 0.45%, or 45 cents, to trade at $100.38 a barrel.
London-traded Brent prices hit a 16-month low of $100.17 on September 2, as ample global supplies and concerns about weak demand drove prices lower.
Official trade data released Monday showed that Chinese exports climbed 9.4% from a year earlier, beating expectations for an 8% increase, however imports declined 2.4% last month, disappointing forecasts for a 1.7% gain.
The country’s trade surplus widened to a record high of $49.8 billion in August from $47.3 billion in July, compared to estimates for a surplus of $40.0 billion.
A slowdown in domestic demand indicated a recovery in the broader economy remains fragile and may need further government stimulus.
Meanwhile, concerns over the health of the U.S. labor market increased after data released Friday revealed that the economy added 142,000 jobs in August, the lowest amount in eight months and less than the expected increase of 225,000.
The report also showed that the U.S. unemployment rate ticked down to 6.1% last month from 6.2%, but that was mostly due to more people dropping out of the labor force.
The U.S. and China are the world’s two largest oil consuming nations.
A broadly stronger U.S. dollar also weighed, as the greenback rallied by the most in eight months against the pound to hit a 10-month high after a poll showed the "yes" to Scottish independence campaign on 51% against 49% for the "no" camp.
Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.