Oil prices dip on rising supply and ongoing trade tensions
The IEA says fuel demand could take a hit, even as Russia and Saudi Arabia say they have more than enough supply to offset Iran’s reduced output
Singapore — Oil prices dipped on Tuesday, dragged down by concerns that the US-China trade dispute will dent economic growth and by signs of rising global supply, despite upcoming sanctions against Iran. Front-month Brent crude oil futures were at $77.15 a barrel at 6.44am GMT, down 19c, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures were at $66.99 a barrel, down 5c from their last settlement. Oil has been caught up in broad financial market slumps this month, with stocks under pressure from the trade war between the world’s two largest economies. Prices received some support on Tuesday after reports that Trump thinks “a great deal” with China is possible on trade. For now, however, the spat between Washington and Beijing goes on. Consultancy JBC Energy said the oil price weakness was “probably driven by the wider negative market sentiment amid speculation about additional US tariffs on Chinese imports, should upcoming talks fail to produce the desire...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.