Oil prices open weak on Monday with US-China tensions

Oil prices open weak on Monday with US-China tensions



Global oil prices opened on a weak note on Monday with intensifying trade tensions between the U.S and China.

International benchmark 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 as 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.

Meanwhile, U.S. official data on oil stockpiles will be released on Wednesday and rig count data will be published on Friday.

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