• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 23 mins Disenfranchised people are angry people - map of global electoral systems
  • 16 mins Why don't the other GOP candidates get mention?
  • 1 min PETROLEUM for humanity 
  • 5 hours Brexit agreement
  • 5 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 2 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 2 hours China's Blueprint For Global Power
  • 6 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 4 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 8 hours Erdogan Holds All The Cards ... 3.6 Million Of Them
  • 6 hours 5 Tweets That Change The World?
  • 7 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Alt Text

Big Oil Tries To Buy Back Investors

Despite the turbulence in oil…

Alt Text

OPEC’s No.2 Prepares For Oil Export Boom

Iraq’s oil export capacity is…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Brent Drops Below $60 Amid Global Stock Market Slide

Oil prices were trading down again Monday despite tensions in the Middle East. The latest market mover is not the tensions surrounding Iran, and it’s not outages in Libya and Venezuela. It’s not even oil production or inventory moves in the United States—it’s China.

Specifically, it’s the most recent move by China to allow its currency to devalue that has the markets in an uproar.  The move follows a last-week announcement by President Donald Trump that the US plans to slap tariffs on the remaining $300 billion of goods that come in from China.

At 1:54pm EST, WTI was trading down $0.64 (-1.15%) at $55.04 per barrel. Brent was trading down $1.77 (-2.86%) at $60.12.

And it’s not just oil prices that are feeling skittish. Stock markets around the world are in full-blown panic mode, with gold and government bonds taking full advantage. Gold prices jumped more than 1%.

Global stocks fell as China retaliated on Monday by letting its currency devalue below its typical 7-to-1 ratio with the US dollar for the first in a decade. China’s move shook the global markets as fear set in that it might be only the beginning of a currency war with the United States.

The devaluation caught the attention President Donald Trump.

“China dropped the price of their currency to an almost a historic low. It’s called ‘currency manipulation.’ Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!” President Donald Trump tweeted on Monday in response.

The Dow was trading down almost 3% on Monday afternoon. The FTSE 100 was down 2.47%, while Asian markets were down 1.6%.

While oil prices took a beating Monday, it is largely expected that China will not target US oil even if it retaliates with additional tariffs. China has scaled back its purchases of US crude, and is therefore unlikely to be directly affected by further tariff actions.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play