Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

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Escalating Trade war between U.S and China pushes oil prices lower.

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On Wednesday July 11th 2018, United States (U.S) President, Donald Trump’s threats regarding imposition of tariffs on Chinese goods triggered oil prices to drop lower. The looming chances of a further $200 billion tariff on Chinese goods caused both oil prices and stocks to drop as the World’s two largest economies drove deeper into an increasingly intense trade war.

Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56. 

Furthermore, Washington has agreed to review some countries’ requests for an exemption from the sanctions that U.S earlier planned to levy on those countries that continue to maintain business ties with Iran from November onwards. 

In light of lack of supply from Organization of Petroleum Exporting Countries (OPEC), U.S has recently been increasing supply from their end to meet the oil demand and in an effort to keep the prices low. This has caused U.S crude inventories to fall by 6.8 million barrels during last week, according to data from industry group, the American Problem Institute.

Posted on: 2018-07-11T10:50:00+05:00

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