• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 50 mins How Far Have We Really Gotten With Alternative Energy
  • 11 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 day Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)

Trump’s Latest Trade War Comment Puts Oil Prices Under Pressure

Oil prices were down early on Monday, as global markets brace for protracted talks in the U.S.-China trade war after optimism about an imminent rollback of tariffs faded.

At 11:14 a.m. EDT on Monday, WTI Crude was down 0.49 percent at US$56.96, and Brent Crude was down 0.18 percent at US$62.40.

Over the weekend, U.S. President Donald Trump appeared to dismiss reports of the imminent lifting of tariffs and breakthrough in talks. This sent the oil market down on Monday, as participants fret about the implications for global trade, economic growth, and, as a result, global oil demand growth.

The trade talks with China are moving along “very nicely,” President Trump told reporters on Saturday.

“We have to make the right deal for the farmers, manufacturers, for everybody. And if we don’t make that right deal, we’re not going to make a deal,” President Trump said, referring to “incorrect reporting” while asked if he wants to roll back some of the tariffs.

“I’d like to make a deal, but it’s got to be the right deal. China very much wants to make a deal. They’re having the worst year they’ve had in 57 years. Their supply chain is all broken, like an egg,” President Trump noted.

Related: Canadian Oil Prices Crash After Keystone Spill

Analysts at Commerzbank expect the trade war headlines and potential breakthroughs or stalemates in talks to dictate the direction of oil prices over the next few days and weeks.

Chinese data during the weekend showed continued weakness in Chinese economic growth. China’s producer price index (PPI) slumped the most in October since July 2016, while car sales fell for the 16th month in a row. Both sets of data suggest that China’s economic growth continues to slow down, which, combined with an overall global economic growth slowdown, doesn’t bode well for oil demand growth, and consequently, oil prices.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News