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[rtl]Release date:: 9/29/10 10:15 • [rtl]85 [/rtl][rtl]read [/rtl]times[/rtl]
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Oil prices fell on Monday after the entry into force of new tariffs that the United States and China exchanged to impose, raising fears that global growth could further damage and reduce demand for oil.
Brent crude <LCOc1> was down 42 cents, or 0.7 percent, at $ 58.83 a barrel at 0041 GMT.
US West Texas Intermediate (WTI) crude fell 27 cents, or 0.5 percent, to $ 54.83 a barrel.
The administration of US President Donald Trump has begun to impose a 15 percent tariff on Chinese imports worth more than $ 125 billion, including smartphones and Bluetooth headsets as well as many kinds of shoes.
In response, China has begun to impose duties on some US goods on a $ 75 billion target list.
Trump said the two sides would meet for talks this month.
"Trade and tariffs are inevitable on oil markets, so if trade uncertainties persist, it will be difficult for oil to abandon concerns about the threat to global demand," said Stephen Ines, market strategist at AxiTrader.
This comes as a Reuters survey showed that the production of the Organization of Petroleum Exporting Countries (OPEC) rose in August for the first month of this year as the increase in production from Iraq and Nigeria over the restrictions imposed by Saudi Arabia and oil losses caused by US sanctions on Iran.
http://alforatnews.com/modules/news/article.php?storyid=209641
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Washington and Beijing are causing oil prices to fall
[/rtl][rtl]Release date:: 9/29/10 10:15 • [rtl]85 [/rtl][rtl]read [/rtl]times[/rtl]
Oil prices fell on Monday after the entry into force of new tariffs that the United States and China exchanged to impose, raising fears that global growth could further damage and reduce demand for oil.
Brent crude <LCOc1> was down 42 cents, or 0.7 percent, at $ 58.83 a barrel at 0041 GMT.
US West Texas Intermediate (WTI) crude fell 27 cents, or 0.5 percent, to $ 54.83 a barrel.
The administration of US President Donald Trump has begun to impose a 15 percent tariff on Chinese imports worth more than $ 125 billion, including smartphones and Bluetooth headsets as well as many kinds of shoes.
In response, China has begun to impose duties on some US goods on a $ 75 billion target list.
Trump said the two sides would meet for talks this month.
"Trade and tariffs are inevitable on oil markets, so if trade uncertainties persist, it will be difficult for oil to abandon concerns about the threat to global demand," said Stephen Ines, market strategist at AxiTrader.
This comes as a Reuters survey showed that the production of the Organization of Petroleum Exporting Countries (OPEC) rose in August for the first month of this year as the increase in production from Iraq and Nigeria over the restrictions imposed by Saudi Arabia and oil losses caused by US sanctions on Iran.
http://alforatnews.com/modules/news/article.php?storyid=209641
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