The most liquid Brent oil contracts, a reference for the global market, closed the day down 4.19%, with a barrel priced at US$81.61. WTI futures fell 4.26%, to US$77.37 a barrel.
But it's not just oil that's facing losses today. Iron mining closed the day's trading down 0.48%, with a ton quoted at US$127.01.
The reason for the drop, however, is not new to the market: China's economic activity. Frustrating expectations, the Asian giant's exports fell 6.4% in October on an annual basis — resulting in a trade surplus of US$56.5 billion, almost US$20 billion below expectations.
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