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Oil prices rose by more than 1% on Tuesday, as traders betting on lower prices buy for-profit contracts again after crude oil fell in the last three sessions as trade tensions between US-based traders increased. China and the United States.
Brent prices fell by more than 8% over the three sessions compared to their close on July 31, as US President Donald Trump promised new tariffs on Chinese imports and China took new measures against imports American agricultural
The United States also reacted to the depreciation of the yuan by describing Beijing as a money handler later in the day.
At 5:44 pm GMT on Tuesday, Brent futures rose 61 cents, or 1 percent, to $ 60.42 a barrel, before falling to $ 59.07, the lowest level since Jan. 14.
Futures contracts for basic crude in the western US Texas rose 56 cents, or 1%, to $ 55.25 a barrel.
The United States accuses Beijing of manipulating its currency after China has let the yuan fall to its lowest level in more than a decade. The weak yuan will boost Chinese exports by lowering its prices, but will also increase the cost of oil imports for the world's largest crude importer.
Oil prices may receive some support later this week, a preliminary study showing that US crude inventories are expected to fall for the eighth consecutive week.
Source: Reuters
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