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Reuters: Oil slides as US, China add more tariffs in trade war – economic news



The United States began imposing 15% tariffs on various Chinese goods on Sunday – including shoes, smart watches and flat panel televisions – as China placed new duties on US raw materials, the latest escalation in the tumultuous trade war. [19659002] flickr.com "src =" https://images.unian.net/photos/2019_01/1547220574-3214.jpg?0.7406203572646957 "title =" flickr.com "/>

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Brent crude fell 97 cents to $ 58 , 28 per barrel to 1543 GMT, while US WTI raw material fell 46 cents to $ 54.64 a barrel, activity was weak due to the official Labor Day holiday in the United States, as reported by Reuters.

to impose 1

5% tariffs on various Chinese goods on Sunday – including shoes, smart watches and flat panel TVs – as China places new duties on the US crude, the latest escalation in a violent trade war.

Reuters: Oil prices rise 1% amid a sharp drop in US crude inventories

US. President Donald Trump said the two sides will still meet for talks this month. Trump, writing on Twitter, said his goal was to reduce US dependence on China and reiterated its call for US companies to find alternative suppliers outside of China.

"Even President Trump has indicated that the planned talks between the US and China are still ongoing. "The market is increasingly coming to terms with continued opposition between the two countries and will look to the central bank, easing its risk efforts," said Harry Tichilourian of BNP Paribas.

Beijing's 5% tax on US crude brands for the first time , when fuel was targeted after the two largest economies in the world began their trade war more than a year ago.

Elsewhere, oil production rose in August by members of the Organization of Petroleum Exporting Countries for the first month. this year its higher supply than Iraq and Nigeria outweighs restraint by Saudi Arabia's leading exporter and deviations caused by US sanctions on Iran. until Wednesday to Florida's east coast before traveling north to the coast of Carolina.

The National Hurricane Center forecast for a storm that was producing sustained winds at 155 mph (250 km / h) calls for it to stay. above approx eana, saving the mainland a direct hit. If left in the high seas, a storm is unlikely to lead to reduced fuel demand, which is usually after storms and power outages.

USA. energy companies also cut drilling for the ninth month in a row to its lowest level since January last year. Total US crude fell in June for the second consecutive month, according to a report by the Department of Energy on Friday.

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