• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 4 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 50 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 11 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 9 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 7 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 7 hours Marine based energy generation
  • 11 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 6 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 7 hours How to Create a Pandemic
  • 8 hours Apple to Bypass Internet and Beam Directly to Phones
  • 14 hours Which producers will shut in first?
  • 24 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
Alt Text

The Largest Oil Market Intervention In History?

While the figures quoted in…

Alt Text

Russia Is Ready To Make Major Output Cuts

Russian sources confirmed to Reuters…

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

Oil Spikes As US Delays Tariffs On Chinese Goods

Oil prices continued to rally on Tuesday, this time on reports that the United States has decided to delay the next round of tariffs that were to be imposed on Chinese goods.

The delay gives hope to a skittish market that the trade war really won’t go on forever.

For WTI, oil prices had climbed 4.30% by 12:36pm EDT to trade at $57.29. Brent Crude was trading up even more at 4.70%, at $61.32—resuming its over $60 per barrel that it had fallen under during the first week of August as the trade war stoked fears of souring oil demand growth.

Tuesday is the fourth straight day of gains for the oil prices—the previous gain helped along by Saudi Arabia’s chat with other OPEC producers about what additional steps the group could take to stanch the price bleed that sought to undermine not only Saudi Arabia’s budget which relies heavily on oil, but its much-anticipated public listing of its crown jewel, Saudi Aramco. Aramco’s valuation, which The Kingdom feels is $2 trillion, is dependent on oil prices. Analysts claim that this $2 trillion valuation is but a pipe dream, and that the real value of Aramco is at most $1.5 trillion.

 In addition to the tariff delay, which will now go into force on December 15, the United States will also be taking some of the items on that tariff list off completely, according to its newest policy document published on the Office of the United States Trade Representative website. While the list hasn’t been made public, it will include items that will be removed “based on health, safety, national security, and other factors”.

The items that will be delayed until December include cellphones, laptops, toys, computer monitors, and some footwear and clothing items, according to the USTR website.

Oil will face another challenge this afternoon when the API estimates about crude oil inventory moves will be released.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Mamdouh Salameh on August 13 2019 said:
    It is natural that oil prices will surge at the first hint of an easing of the vicious trade war between the US and China.

    The trade war has been creating uncertainty in the global economy and also depressing the global demand for oil and, therefore, prices.

    That is a good enough reason why President Trump should stop prevaricating and end his futile trade war against China.

    Only an end to the trade war will change the economic outlook of the global economy, invigorate the global demand for oil and push oil prices upward.

    President Trump who lost his trade war with China is finding it hugely difficult to admit defeat, hence the prolonging of a futile war.

    President Trump has backed himself into a corner, leaving himself few face-saving ways to exit the trade war. Only one option is open to him now, namely to call off his trade war against China and negotiate an end to the war on China’s terms.

    Meanwhile, the global economy continues to suffer.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News