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What A Trade Deal Would Mean For Oil

Oil prices shifted lower to start the week on the back of a fresh round of tariffs placed by Trump on Chinese goods, another contraction-territory print in China’s manufacturing PMI and news that OPEC production increased in August. Prices, however, veered back on Wednesday morning, with WTI rising over 4% as a result of positive economic activity in China’s services sector

The trading week began with a thud as Asian markets open Monday morning after President Trump announced another 15% tariff hike on about $110 billion worth of Chinese goods. Brent crude fell below $59 while WTI was just south of $55. The S&P 500 fell towards the 2,900 before smoothing out about 4% below its all-time high mark July. Traders are still anxiously awaiting yet another round of tariffs to be triggered in mid-December as trade officials from the US and China don’t appear to be able to get each other to the negotiating table. On the US side it was leaked from the White House that the conversations with Beijing Trump had tweeted about last week never actually occurred. Meanwhile China’s state newspapers continued to ask Washington to change their posture without offering any hint that they were ready to meet Washington in the middle.

China’s Manufacturing PMI registered 49.5 for August for its 6th contraction territory print through the first eight months of the year. Asian equity markets were reassured by a better mark in the Caixin PMI and news from…




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