Oil prices fell for second day in as US crude production rose to a record and US signing off the Hong Kong Bill. This has the potential to complicate the trade talks with China.

Futures decline by 0.6 and 0.5 percent on consecutive days. Defying expectation of analysts, the crude oil production of US reached 12.9 million barrels a day, according to the Energy Information Administration.

We have to wait and see the impact of the above on trade talks between US and China.

Global trade is expected to slow down further may shrink through the end of the year due to a manufacturing-led slowdown.

An index by freight giant DHL fell to a four year-low in November, capturing the ongoing uncertainty for the global economy. The still elusive U.S-China trade deal, a slowdown in China and an industrial slump in Germany is among the major contributors to the slow down.