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Oil Drops on Doubts Over Demand Boost from US-China Trade Deal


Wednesday, 15 January 2020 19:20 WIB

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Oil prices slipped on Wednesday on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase.

U.S. Treasury Secretary Steven Mnuchin said late on Tuesday that tariffs on Chinese goods will remain in place until the completion of a second phase of a U.S.-China trade agreement, even as both sides are expected to sign an interim deal later on Wednesday.

Brent crude was down 11 cents at $64.38 per barrel by 10:20 GMT. U.S. West Texas Intermediate crude futures were down 12 cents at $58.11 a barrel.

Source : Reuters


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