Crude oil prices traded flat with some volatility within a broad range after a surprise drawdown in US crude stockpiles, but an escalating US-Chinese trade fights limited oil’s gains as investors were worried about the global outlook for energy demand.
WTI and Brent were set for weekly loss after US escalated its tariff war with China by increasing levies to 25 per cent for $200 billion worth of Chinese goods. The growing tensions between the two has increased fears of slowdown in global demand as US and China together accounted for 34 per cent of global oil consumption in the first quarter of 2019.
While the higher tariffs would surely lead to some dampening effect on the Chinese economy, uncertainty over what will happen to the global trade with escalating clash between the world’s top two economies had a greater impact on oil traders. Read More
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