Oil prices fall on Wednesday with US-China tensions

Oil prices fall on Wednesday with US-China tensions

WAAR_DUHOK

 

 

International benchmark Brent crude traded $58.82 per barrel at 0624 GMT on Wednesday with a 2.03% fall after it ended Monday at $60.04 a barrel.

WTI was at $53.49 a barrel at the same time for a 2.51% drop after Monday’s session, closing at $54.87 per barrel.

Global oil prices opened on a weak note on Monday with intensifying trade tensions between the U.S and China, which have had the biggest impact on prices.

Brent crude was trading at $61.23 per barrel at 0651 GMT on Monday with a 0.40% fall after it ended Friday at $61.48 a barrel. WTI was at $55.01 a barrel on Monday at the same time for a 0.29% drop after closing the previous session at $55.17 per barrel.

U.S. President Donald Trump announced on Thursday that Washington would impose a 10% additional tariff on $300 billion worth of Chinese goods starting Sept. 1. A response to Trump’s tariff tweets came on Friday from China’s new ambassador to the United Nations, Zhang Jun, who said, “China’s position is very clear that if U.S. wishes to talk, then we will talk, if they want to fight, then we will fight.”

The trade dispute continued on Monday when the Chinese government asked its state-owned companies to suspend imports of U.S. agricultural products. China’s yuan sank below a seven-to-one dollar level for the first time since 2008.

 

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