[Houston 2nd Reuters]-Crude oil futures in US time are a bit cheaper. In the background, the United States and China have triggered mutual tariffs, raising concerns over global economic growth and demand for crude oil. However, since the US market was closed for Labor Day on that day, the business was thin.
North Sea Brent futures settled at $ 58.66 per barrel, down $ 0.59. At one time it fell to $ 58.10. US WTI crude futures settled at $ 54.77, down $ 0.33.
The Trump administration launched the fourth sanctions tariff on China on September 1. The additional tariff on imports from China worth approximately $ 300 billion will be 15%, and some will be postponed on December 15. When the measure is fully implemented, all imports from China will be subject to sanctions duties. [nL3N25T06A] In response, China has also instituted retaliatory tariffs.
BNP Paribas Harry Chiringillian said, “Despite President Trump's suggestion that trade talks with China will continue, there is a view that the conflict between the two countries will be prolonged in the market.”
The large and powerful hurricane Dorian is moving towards the east coast of Florida, USA on the 2nd, but the US Hurricane Center (NHC) is not expected to land. If they do not land, the likelihood of a decrease in fuel demand due to floods or power outages is reduced.
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