Oil prices have fallen due to a strong dollar and weak Chinese economic data.
Brent crude futures dropped 14 cents at $32.22 a barrel, while the US futures traded at $29.40 a barrel, Reuters reported.
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The dollar rose 0.4%, making dollar-traded oil contracts less attractive for holders of other currencies.
Government data revealed that January 2016 witnessed an 11.2% fall in Chinese exports compared with 2015 and imports also tumbled 18.8%.
Economic growth rate in China slowed to a 25-year low of 6.9% in 2015 and recorded just 6.8% growth in the fourth quarter of 2015.
Concerns about a weak Chinese data and supply glut weighed on the oil prices.
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By GlobalDataMeanwhile, National Iranian Oil Company managing director Rokneddin Javadi said that the country will export its first crude cargo to European refiners through Kharg oil export terminal within the next day following suspension of the imposed sanctions on the country’s energy sector.
The cargo contains four million barrels of crude oil and two million barrels of it is due to be delivered to France’s Total. The remaining would be received by Spanish refiners and a Russian company.
