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Oil Prices Down as Trade War Fears Overshadow Fall in Crude Inventories


Thursday, 9 May 2019 13:27 WIB

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Oil prices were down on Thursday in Asia after the latest comments by U.S. President Donald Trump dimmed hopes that the world’s two biggest economies could avert a resumption of their trade war.

U.S. Crude Oil WTI Futures and the international Brent Oil Futures both fell 0.9% to $61.59 and 69.80 respectively by 12:40 AM ET (04:40 GMT).

The fall in oil prices came after Trump said at a campaign rally in Florida overnight that China “broke the deal” he was negotiating with it on trade.

China's top trade negotiator, Vice Premier Liu He, is due to visit Washington later in the day and will likely try to prevent Washington from raising tariffs to 25% from 10% on $200 billion of Chinese imports.

Beijing has warned it will retaliate if the White House follows through on its plan to raise tariffs on Friday.

Source : Investing.com


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