• 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
  • 28 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 5 hours China's Blueprint For Global Power
  • 16 mins IMO 2020:
  • 11 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 1 hour Brexit agreement
  • 16 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 3 hours The Ultimate Heresy: Technology Can't Fix What's Broken
  • 19 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 19 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 19 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 12 hours Deepwater GOM Project Claims Industry First
  • 14 mins Idiotic Environmental Predictions
Alt Text

EIA Sharply Cuts Oil Price Forecast

The EIA has once again…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Plunge As China Retaliates With Tariffs On U.S. Goods

While the oil market was jittery awaiting a Fed hint at interest rate policy, China retaliated in the trade war with the U.S., announcing plans to slap tariffs on US$75 billion worth of American goods and sending oil prices diving early on Friday.  

As of 09:03 a.m. EDT, WTI Crude was down 2.89 percent at $53.75 and Brent Crude was down 1.92 percent at $58.77.

After the Chinese announcement of measures to retaliate for the planned U.S. tariffs on Chinese imports, WTI Crude erased its gains for this week as the renewed escalation in the trade spat again worried investors and traders about the future of the global economy and global oil demand growth.

According to the Chinese announcement, China will place tariffs on a range of U.S. products, including crude oil, in two batches starting on September 1 and on December 15.  

Markets were calmer earlier on Friday, although oil was trading slightly down, as equity and commodity traders waited for a speech by U.S. Federal Reserve chairman Jerome Powell later on Friday at a meeting of global central bankers in Jackson Hole, Wyoming.

Market participants will be looking at signs of Fed’s future policy regarding interest rates, and whether the recent rate cut was a one-off event, or whether it would be followed by a series of cuts to prop up the economy. The Fed is under fire from U.S. President Donald Trump who has been repeatedly calling for rate cuts and blaming the Fed for everything economy-related in the United States.

But the Chinese tariff announcement kind of stole the show from the Fed, at least early on Friday.

This week, oil prices hadn’t moved too much in either direction as the American Petroleum Institute (API) reported on Tuesday a crude oil inventory draw of 3.45 million barrels for the week ending Aug 15, compared to analyst expectations of a 1.889-million barrel draw, but it failed to move oil much higher.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • michael smith on August 23 2019 said:
    We need to produce more here and not have another country hold us hostage! China needs us more than we need them and all we are doing is funding their military ambitions!!!

Leave a comment




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