Oil benchmarks – Brent and WTI – edged lower today after the Chinese trade data stoked concerns about demand in the world's biggest energy consumer. At the time of writing, Brent futures were down 39 cents or 1.14% at USD 33/barrel. WTI futures were down 21 cents or 0.70% at USD 29.23/barrel. Prices surged almost 10% on Friday on reports the OPEC may agree on production cut/freeze. The drop in the US rig count reported by Baker Hughes and the corrective rally in the risk assets further added to the bullish momentum in oil prices. However, the prices came under pressure after data released in China showed China's exports fell 11.2% in January from a year earlier and imports tumbled 18.8%. More importantly, crude imports dropped 20% from record high the previous month. For more information, read our latest forex news.